Petrobras inks oil export contract with Indian state‑run company
Brazilian state-controlled oil giant Petrobras on Wednesday (Feb. 12) signed an oil export contract with the Indian state-owned company Bharat Petroleum Corporation Limited (BPCL), with sales totaling up to 6 million barrels a year—likely to begin this year.
The contract is based on the framework modality, which grants flexibility to both parties—a mechanism that has proven to work in this market in the past, Petrobras claimed.
“This contract model facilitates the entire marketing process. The parties negotiate on a regular basis, following the current reality of the market and seeking a commercial agreement compatible with their alternatives. If this deal is reached, this pre-approved contract speeds up the operation. It’s a way of increasing our customer base in this market,” Petrobras’ Logistics, Trading, and Markets Director Claudio Schlosser stated.
The agreement was signed in New Delhi, India, with Schlosser in attendance.
Executives from the company are taking part in a business mission to the country this week, during India Energy Week—an event which included a panel by the president of the state-owned company, Magda Chambriard.
“This contract is expected to increase India’s share of Petrobras’ oil exports. We’re always looking for clients who value the quality of the oil exported by the company,” said the director.
Partnership
In 2024, India was the destination for four percent of Petrobras’ oil exports. The world's third largest importer, the country had around 85 percent of its oil demand supplied by imports last year. With a potential increase in its energy demand driven by robust economic growth, India remains a relevant destination for Brazilian oil.
“The contract represents a key step towards strengthening commercial relations between Petrobras and the state-owned refining segment in India,” the Brazilian state-owned company stated.
