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State-run BPCL to sign $780 million oil deal with Brazil's Petrobras

Indian refiners are redrafting their oil import strategies, buying more oil from Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies

Indian refiners are redrafting their oil import strategies, buying more oil from Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies.

Reuters NEW DELHI, Jan 23

1 min read Last Updated : Jan 23 2026 | 6:13 PM IST

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India's Bharat Petroleum Corp Ltd will buy 12 million oil ‍barrels for $780 million from Brazil's Petrobas in fiscal 2027, twice the size of its 2026 contract, to partly replace Russian oil, a government statement said on Friday.

Indian refiners are redrafting their oil import strategies, buying more oil from Middle Eastern, African and South American countries to make up for a reduction in Russian oil supplies.

The deal between the Indian state-run refiner and Brazil's national oil company will be signed next week at the India Energy Week conference, the statement added.

OTHER PACTS

During the four-day conference beginning Jan 27, state-run Numaligarh Refinery Ltd (NRL) will also sign a preliminary deal with France's TotalEnergies to build a 200 kilotons per year sustainable aviation fuel project at ‌Paradip in eastern Odisha state.

Additionally, NRL and explorer Oil India Ltd will sign a preliminary deal with TotalEnergies to buy liquefied natural gas (LNG) to meet future demand of the two ‍Indian companies.

Separately, BharatPetro Resources Ltd - an unit of BPCL - is set to sign a pact with ‍Shell ‌to buy stakes in oil and gas ‍companies across the world, the government statement said.

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