Petrobras to meet top oil mkt cos Tue for 'future collaboration' - official
This story was originally published at 16:59 IST on 11 February 2025
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By Priyasmita Dutta, Pallavi Singhal and Afra Abubacker
NEW DELHI – Brazil's state-owned energy major Petroleo Brasileiro SA, or Petrobras, is set to meet Tuesday top bosses of India's oil marketing companies, including Indian Oil Corp. Ltd., Oil and Natural Gas Corp. Ltd., Hindustan Petroleum Corp. Ltd., and Oil India Ltd., an official of Petrobras said. Indian companies have been discussing long-term crude oil supply contracts with Petrobras as part of the country's broader strategy to diversify energy sources.
"Petrobras has scheduled meetings with select companies to discuss further collaboration," the official told Informist on the sidelines of India Energy Week 2025.
Brazil, currently not a major oil supplier to India, has been cited as a potential key supplier going ahead. More than 88% of India's domestic demand for crude oil is met through imports. As part of its diversification efforts, the country is now buying crude from 39 sources, up from 27 earlier.
At the sidelines of the event, Magda Chambriard, chief executive officer of Petrobras, told media that the company is keen on "partnerships with Indian oil companies." "Yes, we are looking at the possibility of selling and buying products from India," she said, adding that the company is also looking at offshore oil exploration opportunities in Indian jurisdiction.
Indian oil marketing companies and Petrobras have been negotiating term-deals for a while but these have not been solidified yet. The company official cited above said that Petrobras is hopeful the discussions will lead to more "energy sector opportunities". Indian Oil Corp. had previously signed a deal with Petrobras in 2022. End
Edited by Tanima Banerjee
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