IOCL signs pacts with Petrobras, Ecopetrol for crude oil supplies: Report

IOCL's pact with Petrobras was signed during petroleum secretary Pankaj Jain's visit to Brazil last week. Petrobras will supply 1.7 million tonnes per annum to IOCL

Indian Oil Corporation Ltd (IOCL) has signed a long-term agreement with Brazil's Petroleo Brasileiro SA (Petrobras) and Colombia's Ecopetrol SA to get crude oil. This has been done to boost India's energy security, according to a report by Mint. 

On September 24, Bharat Petrol Corporation Ltd (BPCL) also signed a pact with Petrobras to source crude oil from South American nations. 

IOCL's pact was signed during petroleum secretary Pankaj Jain's visit to Brazil last week. Petrobras will supply 1.7 million tonnes per annum to IOCL, according to Mint. 

On September 23, the petroleum and natural gas ministry tweeted,