BPCL to Sign $780 Million Oil Deal with Brazil's Petrobras at India Energy Week 2026
Bharat Petroleum Corporation Limited (BPCL) will sign a $780 million agreement to purchase 12 million barrels of crude oil from Brazil's Petrobras in fiscal year 2027, doubling the volume of its previous contract. This deal aims to replace Russian oil supplies as Indian refiners adjust their import strategies amid reduced availability from Russia.
The contract will be formalized next week during the India Energy Week conference, taking place from January 27 to 30. Other agreements anticipated at the conference include Numaligarh Refinery Ltd's preliminary deal with TotalEnergies for a sustainable aviation fuel project in Odisha, and LNG sourcing arrangements with Oil India Ltd. Additionally, Bharat PetroResources Ltd, a BPCL subsidiary, is expected to collaborate with Shell for global oil and gas asset acquisitions.
