Petrobras and Indian Oil Corp. (IOC) signed an oil supply contract which includes the option of supplying up to 12 million bbl oil from Petrobras to IOC. The 6-month agreement includes a 1-year renewal. IOC has an estimated refined production of 1.34 million b/d and controls 11 refineries in the country, accounting for 26% of the total Indian refining capacity.
Petrobras also signed a memorandum of understanding (MOU) with Bharat Petroleum Corp. to negotiate and establish guidelines for the supply of crude oil in the future.
India is the third largest oil importer in the world, purchasing about 5 million b/d, surpassed only by China and the US.
About the Author
Alex Procyk
Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).