India says state-run BPCL to sign $780 million oil deal with Brazil's Petrobras (updated)

Oil India

23/01/2026 11:36

Adds details, background throughout

NEW DELHI, Jan 23 (Reuters) - India's Bharat Petroleum Corp Ltd BPCL.NS will buy 12 million oil barrels for $780 million from Brazil's Petrobas PETR3.SA 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 TTEF.PA to build a 200 kilo tons per year sustainable aviation fuel project at Paradip in eastern Odisha state.

Additionally, NRL and explorer Oil India Ltd OILI.NS 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 SHEL.L to buy stakes in oil and gas companies across the world, the government statement said.

 (Reporting by Nidhi Verma in New Delhi and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))