BPCL signs pact with Brazilis Petrobras to diversify crude oil sourcing
The Hindu
BPCL, which gets majority of its supplies from west Asian nations such as Iraq and Saudi Arabia, is looking to diversify its sources of supply
State-owned Bharat Petroleum Corporation Ltd (BPCL) on Saturday said it has signed an agreement with Brazilian national oil company Petrobras for sourcing crude oil from the Latin American nation as part of plans to diversify its sourcing needs.
BPCL imports a large volume of crude oil which is turned into fuel such as petrol and diesel at its three oil refineries at Mumbai, Bina in Madhya Pradesh and Kochi in Kerala.
The firm, which gets majority of its supplies from west Asian nations such as Iraq and Saudi Arabia, is looking to diversify its sources of supply in an attempt to cut down reliance on any particular region.
Company chairman and managing director Arun Kumar Singh and Petrobras CEO Caio Paes de Andrade signed a memorandum of understanding (MoU) in Brazil, BPCL said in a statement.
“The signing of the MoU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long term basis, especially considering the current geopolitical situations,” it said.
Bharat PetroResources Limited (BPRL), the upstream oil and gas exploration and production subsidiary of BPCL, plans to invest $1.6 billion to develop an oil block in Brazil.
BPRL holds a stake in an ultra-deep water hydrocarbon block in Brazil, owned and operated by Petrobras. The field development plan and final investment decision is expected to be declared soon, the statement said without giving details.
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