InvestorQ : What is the latest tie up between BPCL and Brazilian Petrobras?
Debbie Mascarenhas made post

What is the latest tie up between BPCL and Brazilian Petrobras?

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Arti Chavan answered.
2 months ago
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Bharat Petroleum Corporation (BPCL) has signed an MOU with Petrobras, the Brazilian national oil company. The purpose of this MOU is to help BPCL diversify its crude sourcing for the sake of energy security. BPCL will explore the prospects of importing crude from Brazil on a long term basis. It may be recollected that the BPCL subsidiary, Bharat Petro Resources Limited (BPRL) is investing $1.6 billion to develop an oil block in Brazil in conjunction with Petrobras, which will own and operate the oil block.

India has long depended on the Middle East and recent on Russia, but freight rates are going up. India seriously needs long term arrangements for oil sourcing and Petrobras is a good source. The good news for India is that the price of Brent slipped to $85/bbl while WTI slipped to $78/bbl. Clearly, rising rates and recession fears are spooking oil.

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