Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri during the Curtain Raiser Press Conference on IEW 2026, on Friday, January 23, 2026. Photo credit: PIB
As India seeks to diversify their avenues for oil import, state-owned refiner, Bharat Petroleum, would enhance their term contract to procure crude oil from Brazil’s Petrobras, according to a government release issued on Friday (January 23, 2026) evening.
The latest deal would have the Indian state-owned refiner procuring 12 million barrels of Brazilian crude from the state-owned entity for $780 million in the upcoming financial year. The quantum is twice that of a previous deal inked by the two majors in February last year. It was for six million barrels over a one-year period.
It would be signed at the India Energy Week to be held starting January 27 in Goa.
Essential to note, other than the Mumbai-headquartered refinery, state-owned peer IndianOil also maintains a commercial agreement with the Brazilian state-owned oil entity for procurement of crude oil.
Other than the Bharat Petroleum-Petrobras deal, the document informed that during the energy week state-owned upstream major Oil India along with their Navaratna subsidiary Numaligarh Refinery would be inking a memorandum of understanding with French major TotalEnergies for LNG sourcing.
Separately, the Navaratna would also be entering into a collaboration with the French major for setting up of 200 kilo-tonnes per annum (KTPA) sustainable aviation fuel (SAF) project at Paradip in Odisha.
Published – January 23, 2026 06:40 pm IST
