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Petrobras exported around 537 thousand barrels of oil per day in the first half of this year. India imports around 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 the IOC. The agreement was signed last Friday (23/9), where the president of Petrobras, Caio Paes de Andrade, received in Brasília, the deputy minister of Oil and Gas of India, Pankaj Jain, and representatives of the government and Indian companies, to discuss opportunities and strategic partnerships in the oil and gas market.
On the occasion, Petrobras and the Indian Oil Corporation (IOC), the largest state-owned oil and gas company in India, signed a “Frame Agreement” type oil supply contract. This model establishes the option of supplying up to 12 million barrels of oil from Petrobras to IOC. The contract lasts for six months and can be renewed for another year.
Petrobras exported an average of 537 thousand barrels per day of oil
Petrobras also signed a memorandum of understanding with another important Indian refiner, Bharat Petroleum Corp, to foster negotiations and establish cooperative guidelines for the eventual supply of crude oil in the future.
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According to the report by the Brazilian oil company, the agreements represent important steps towards closer trade between Petrobras and the state-owned refining segment in India and to leverage opportunities with other refiners in that country.
The priority destination for oil produced by Petrobras is its own refineries, while the surplus is exported. In the first half of this year, the company exported an average of 537 barrels per day of oil. In this sense, Petrobras continually seeks the best opportunities in the international market, always ensuring that it takes advantage of the best alternative for the oil it produces.
India is the third largest oil importer in the world
India is the third largest oil importer in the world, acquiring around 5 million barrels a day, surpassed only by China and the United States. Regarding imports by sea, it is the second largest importer, behind only China.
A IOC It 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.
