New Delhi: State-owned Bharat Petroleum Corporation Limited (BPCL) is set to enter a long-term crude oil supply agreement with Brazil’s Petrobras, valued at USD 780 million (₹6,450–₹6,550 crore), as part of its strategy to diversify crude sourcing and reduce dependence on Russian oil. The agreement, under which BPCL will purchase 12 million barrels of crude oil during FY 2026–27, is expected to be formally signed at India Energy Week (IEW) 2026, scheduled from January 27 to 30.
India Strengthens Crude Supply Diversification
Indian refiners, including BPCL, are actively reworking import strategies amid global supply challenges. With the declining availability of discounted Russian crude, public sector refiners are increasingly procuring oil from South America, the Middle East, and Africa to ensure supply security and price stability.
The BPCL–Petrobras agreement reflects India’s broader effort to strengthen partnerships with emerging crude suppliers while ensuring long-term energy reliability. By diversifying its supply base, India aims to mitigate geopolitical risks and stabilize refining operations.
Read also: BPCL Q3 FY26 Results: Net Profit Rises to ₹7,545 Crore, Board Declares ₹10 Interim Dividend
Key Energy MoUs Expected at India Energy Week 2026
India Energy Week 2026 is set to witness several major energy-related agreements, reinforcing India’s commitment to energy security and sustainability:
- Numaligarh Refinery Limited (NRL) is expected to sign an initial agreement with France’s TotalEnergies for setting up a 200 KTPA Sustainable Aviation Fuel (SAF) project at Paradip, Odisha, supporting India’s clean aviation goals.
- NRL and Oil India Limited (OIL) will explore liquefied natural gas (LNG) sourcing for future requirements in collaboration with TotalEnergies.
- Bharat PetroResources Limited (BPRL), BPCL’s upstream subsidiary, is likely to sign a cooperation agreement with Shell to evaluate global oil and gas acquisition opportunities, expanding India’s overseas energy footprint.
These MoUs underline India’s focus on energy security, clean fuel development, and strategic international collaborations, positioning IEW 2026 as a key platform for global energy partnerships.
About BPCL
Bharat Petroleum Corporation Limited (BPCL) is one of India’s leading oil and gas companies, operating under the Ministry of Petroleum & Natural Gas, Government of India. BPCL plays a pivotal role in refining, marketing, and distribution of petroleum products, while actively pursuing global partnerships, renewable energy projects, and upstream investments to strengthen India’s energy security and sustainable growth.
Read also: BPCL Launches PNG Drive 2.0 to Promote Piped and Compressed Natural Gas Across India
