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Petrobras Exported In The First Semester Of This Year, About 537 Thousand Barrels Per Day Of Oil. India Imports About 5 Million Barrels Per Day!
The Brazilian oil giant signed a 6-month contract with India, the third largest importer of the product in the world, to supply up to 12 million barrels to IOC. The agreement was signed last Friday (23/9), where the president of Petrobras, Caio Paes de Andrade, received in Brasília, the Vice Minister of Petroleum and Gas of India, Pankaj Jain, and representatives of the Indian government and companies to discuss opportunities and strategic partnerships in the oil and gas market.
On that occasion, Petrobras and the Indian Oil Corporation (IOC), the largest state-owned oil and gas company in India, signed a contract for the supply of oil under the “Frame Agreement” model. This model establishes the option to supply up to 12 million barrels of Petrobras oil to IOC. The contract lasts for six months and may be renewed for another year.
Petrobras Exported An Average Of 537 Thousand Barrels Per Day Of Oil
Petrobras also signed with another important Indian refiner, Bharat Petroleum Corp, a memorandum of understanding to foster negotiations and establish cooperative guidelines for eventual crude oil supply in the future.
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According to the report from the Brazilian oil company, the agreements represent important steps towards strengthening commercial relations between Petrobras and the state refining sector in India and leveraging opportunities with other refiners in that country.
The priority destination for the oil produced by Petrobras is its own refineries, while the surplus is exported. In the first semester of this year, the company exported an average of 537 thousand barrels per day of oil. In this regard, Petrobras continuously seeks the best opportunities in the international market, always ensuring the best alternative placement for the oils it produces.
India Is The Third Largest Oil Importer In The World
India is the third largest oil importer in the world, acquiring about 5 million barrels per day, surpassed only by China and the United States. In terms of maritime imports, it is the second largest importer, behind only China.
The IOC has an estimated production of 1.34 million barrels per day, in addition to controlling 11 refineries in the country and accounting for 26% of the total Indian refining capacity.
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