Bharat Petroleum Corporation Limited will purchase 12 million barrels of crude oil worth about $780 million from Brazil’s national oil company Petrobras during FY27, according to a Reuters report. The deal is twice the size of BPCL’s contract with Petrobras for FY26 and is aimed at partially replacing crude oil supplies from Russia as Indian refiners adjust their import strategies.
The proposed purchase reflects a broader effort by Indian state-run oil companies to diversify sourcing and reduce dependence on a single region. Brazil has emerged as a key alternative supplier as refiners look beyond traditional markets to ensure stable and flexible crude availability.
Deal to Be Finalised at India Energy Week
As per the report, BPCL is expected to formally sign the crude purchase agreement with Petrobras next week on the sidelines of the India Energy Week conference. The event, which brings together global energy companies and policymakers, has increasingly become a platform for Indian firms to conclude strategic supply and investment agreements.
The timing of the deal underlines the growing importance of long-term crude arrangements as refiners prepare for evolving global trade flows and supply uncertainties.
Also Read: Maharashtra’s Davos Push: ₹30 Lakh Crore MoUs, Big Promises and a Long Road Ahead’
Indian Refiners Reduce Reliance on Russian Oil
Indian oil companies are actively redrafting their crude import plans to offset a gradual reduction in Russian oil purchases. According to the Reuters report, refiners are increasing crude intake from the Middle East, Africa, and South America to maintain supply security.
This diversification strategy is being pursued across public sector refiners as they balance commercial considerations with logistical and supply stability factors. Brazil, Angola, and Middle Eastern producers have gained prominence in recent procurement decisions.
Indian Oil Secures 7 Million Barrels for March Loading
Indian Oil Corporation has also taken steps to replace Russian crude volumes. As per the report, IOC has purchased a total of 7 million barrels of crude oil for March loading, including supplies sourced from Brazil’s Petrobras.
Out of this volume, IOC has bought 2 million barrels of Brazil’s Buzios crude under its optional contract with Petrobras. This contract allows IOC the flexibility to finalise purchases based on mutually agreed terms, offering greater adaptability in procurement planning.
Additional Crude Bought from Middle East and Africa
The report further stated that IOC has diversified its March crude slate by sourcing oil from multiple suppliers. The company has purchased 1 million barrels of Abu Dhabi’s Murban grade from Shell and 2 million barrels of Upper Zakum crude from trader Mercuria.
In addition, IOC has acquired 1 million barrels each of Angola’s Hungo and Clove grades from Exxon. These purchases highlight IOC’s multi-origin sourcing approach as it adjusts to changes in global crude trade patterns.
Energy Deals Expected During India Energy Week
Several other energy-related agreements are also expected to be signed during the four-day India Energy Week conference, beginning January 27. State-run Numaligarh Refinery is set to enter into a preliminary agreement with France’s TotalEnergies to develop a sustainable aviation fuel project at Paradip in eastern Odisha.
The proposed project will have a capacity of 200 kilotonnes per year and marks a step toward expanding India’s cleaner fuel infrastructure.
LNG Supply Plans and Global Asset Expansion
Separately, Numaligarh Refinery and Oil India are expected to sign a preliminary agreement with TotalEnergies to procure liquefied natural gas to meet their future energy requirements. The LNG arrangement is aimed at supporting long-term fuel needs as natural gas gains a larger role in India’s energy mix.
In another development, BharatPetro Resources, a subsidiary of BPCL, is set to sign an agreement with Shell to acquire stakes in oil and gas companies across global markets, strengthening BPCL’s upstream presence.
BPCL to Announce December Quarter Results
Meanwhile, Bharat Petroleum Corporation is scheduled to announce its financial results for the third quarter of FY26 on Friday, January 23, 2026. The earnings release will come amid heightened focus on the company’s sourcing strategy and international partnerships.
Also Read: Dhun Wellness Secures $4 Million to Accelerate Urban Expansion and Longevity Focus
