State-owned Republic of India crude Corporation Ltd (BPCL) on Sat same it's signed AN agreement with Brazilian national company Petrobras for sourcing rock oil from the occupier nation as a part of plans to diversify its sourcing desires.


BPCL imports an outsized volume of rock oil that is became fuel like gas and diesel at its 3 oil refineries at metropolis, Bina in Madhya Pradesh and Kochi in Kerala.


The firm, that gets majority of its provides from west Asian nations like Asian country and Asian country, is trying to diversify its sources of provide in a shot to chop down reliance on any explicit region.

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Company chairman and director Arun Kumar Singh and Petrobras chief executive officer Caio Paes American state Andrade signed a memoranda of understanding (MoU) in Brazil, BPCL same in an exceedingly statement.

Speaking on the event, Singh same the association with Petrobras can facilitate in achieving the goal of energy security for the country.

The recent approval by the Union cupboard to speculate in Brazil can facilitate diversify India's rock oil provide.

Bharat PetroResources restricted (BPRL), the upstream oil and gas exploration and production subsidiary of BPCL, plans to speculate USD one.6 billion to develop AN oil block in Brazil.

BPRL holds a stake in AN ultra-deep water organic compound block in Brazil, closely-held and operated by Petrobras. the sector development arrange and final investment call is anticipated to be declared presently, the statement same while not giving details.

On July 27, the Union cupboard gave approval to the firm to speculate an extra USD one.6 billion within the Brazilian oil block BM-SEAL-11.

The block is to start out production from 2026-27.

BPRL encompasses a forty per cent stake within the block. Brazil's national company Petrobras is that the operator with sixty per cent interest.

Multiple oil discoveries are created within the block, that is being developed currently.

IBV Brazil SA, a 50-50 venture between Videocon and BPRL Ventures NV, a unit of BPRL (the upstream arm of BPCL), control forty per cent. however once the bankruptcy of Videocon, BPRL currently owns the complete forty per cent stake.