New Delhi: Bharat Petroleum Corporation Limited (BPCL) and Brazil’s state-owned energy major Petróleo Brasileiro S.A. (Petrobras) have signed a Memorandum of Understanding (MoU) to enhance crude oil supply cooperation, diversify sourcing, and strengthen India’s long-term energy security.
The agreement was formalised during India Energy Week 2026, held in Goa, in the presence of the Union Minister for Petroleum and Natural Gas, Mr.Hardeep Singh Puri.
MoU Signed at India Energy Week 2026
The MoU was signed by Mr.Manoj Heda, Business Head (International Trading & Risk Management – ITRM) at BPCL, and Ms. Ticiana Jereissati de Araujo, Global Trading Executive Manager at Petrobras.
The signing reflects growing energy collaboration between India and Brazil and reinforces the existing crude oil trading relationship between the two national oil companies.
Key Objectives of the Agreement
The primary aim of the MoU is to strengthen and potentially expand the crude oil supply framework between BPCL and Petrobras. The agreement seeks to ensure:
- A reliable and long-term supply of crude oil to India
- Competitive commercial terms
- Reduced exposure to short-term market volatility
- Enhanced cooperation in international crude trading
Strategic Importance for India
The partnership aligns closely with India’s broader energy security strategy.
Source Diversification
By deepening ties with a major South American oil producer, India reduces its dependence on a limited set of geographic regions for crude oil imports.
Enhanced Energy Security
Long-term arrangements with a large and stable producer like Petrobras help insulate India from supply disruptions and fluctuating global oil prices.
Improved Commercial Competitiveness
Such agreements typically offer more stable and favourable pricing structures compared to spot market purchases, benefiting Indian refiners.
Official Statement from BPCL
BPCL stated that the MoU “reinforces our commitment to diversifying crude sources and ensuring a reliable, competitive, and long-term energy supply for India.”
India Energy Week: A Global Energy Platform
India Energy Week is the country’s flagship energy exhibition and conference, organised by the Ministry of Petroleum and Natural Gas. The 2026 edition served as a key platform for announcing strategic global partnerships, highlighting India’s proactive engagement with international energy markets to meet its growing demand.
About the Companies
Bharat Petroleum Corporation Limited (BPCL) is a Maharatna public sector undertaking and one of India’s leading oil and gas companies, with operations spanning refining, fuel marketing, and petroleum product distribution across the country.
Petrobras (Petróleo Brasileiro S.A.) is Brazil’s state-controlled multinational energy company and a global leader in deep-water and ultra-deep-water oil and gas exploration and production.
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