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The country is one of the largest oil importers in the world, so the agreement with the Indian state-owned company is even more relevant for Petrobras.
Petrobras announced last Wednesday, February 12, the signing of an export contract for oil with BPCL (Bharat Petroleum Corporation Limited), an Indian state-owned company. The agreement, which will begin in 2025, foresees the sale of up to 6 million barrels of oil per year, reinforcing the Brazilian company's presence in the international market.
The contract was signed in New Delhi, during India Energy Week, an event of global relevance for the energy sector.
Increase in India's share of Petrobras' oil exports
Petrobras' Director of Logistics, Sales and Markets, Claudio Schlosser, was one of the company's representatives on the occasion. Petrobras' business mission to the country was also attended by President Magda Chambriard, who participated in a panel on the future of the energy sector.
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According to Schlosser, the aim of the contract is to increase India's share of oil exports from Petrobras.
This contract is expected to increase India's share of Petrobras' oil exports. We are always looking for customers who value the quality of the oil exported by the company," said the director.
It is worth remembering that in 2024 India was responsible for 4% of Petrobras' oil exports. Thus, with the new contract, the expectation is that this share will grow substantially in the coming years.
India, the world's third-largest oil importer, relies on imports to meet around 85% of its oil demand, making the country a strategic market for companies in the sector.
Flexible contract model ensures agility and security in negotiations
The contract signed between Petrobras and BPCL is a “framework” type, which offers flexibility to both parties. This contract model has been effective in the international market, allowing adjustments according to the reality of the oil market.
“This contract model facilitates the entire marketing process. The parties negotiate periodically, following the current market reality, and seek a commercial agreement that is compatible with their alternatives. If this agreement is reached, this pre-approved contract accelerates the operation. It is a strategy to increase our customer base in this market”, explained Schlosser.
The flexibility of the framework model is a strategy used by Petrobras to expand its customer base in the Asian market, especially in India. With the pre-approved contract, the parties can act quickly, optimizing the commercial process and taking advantage of the best market conditions.
With information from Petrobras.
