BPCL eyes Brazil crude, inks MoU with Petrobras – Times of India

NEW DELHI: State-run Bharat Petroleum Company Ltd (BPCL) on Saturday signed an MoU with Brazilian nationwide oil firm Petrobras as a part of its plan to diversify its sourcing.
Firm chairman and managing director Arun Kumar Singh and Petrobras CEO Caio Paes de Andrade signed the MoU in Brazil, BPCL mentioned in an announcement.
“The signing of the MoU will strengthen future crude oil commerce relations between the 2 firms and discover potential crude import alternatives by BPCL, on a long run foundation, particularly contemplating the present geopolitical conditions,” it mentioned.
BPCL imports a big quantity of crude oil which is was gas resembling petrol and diesel at its three oil refineries at Mumbai, Bina in Madhya Pradesh and Kochi in Kerala.
The assertion quoted Singh as saying the affiliation with Petrobras will assist obtain vitality safety for the nation. “Strengthening India’s foothold in Brazil will additional open enterprise avenues in neighbouring Latin American nations,” he was quoted as saying.
The latest approval by the Union Cupboard to put money into Brazil will assist diversify India’s crude oil provide. Bharat PetroResources Restricted (BPRL), the upstream oil and gasoline exploration and manufacturing subsidiary of BPCL, plans to speculate $ 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 sphere improvement plan and ultimate funding resolution is anticipated to be declared quickly, the assertion mentioned with out giving particulars.

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