Ashu Shinghal, managing director of MGL, said that when the sector opens under the Act, they will get at least a 12 per cent return on their investment
Widened sanctions on Moscow by western countries including the United States have roiled global oil trade and forced buyers of discounted Russian crude to find new ways to maintain their purchases
"This development marks a major milestone in the ongoing efforts to diversify India's crude oil sources and strengthen energy cooperation with Brazil," BPCL said in a statement
Some are existing outfits that have not been impacted by the punitive measures, while others are newly created, replacing those that are now off-limits
India Energy Week 2025 kicked off with a dynamic start, bringing together a diverse mix of industry leaders, eminent personalities, and organisations from the energy sector.
The deal with the Indian state-owned firm was announced on the sidelines of India Energy Week, and amounts to six LNG cargoes per year destined for mostly industrial customers