INDIA INTENDS TO BOOST OIL IMPORTS FROM BRAZIL

India, the world’s third bigger oil importer and consumer, is looking at boosting oil purchases from Brazil, Hardeep Singh Puri, India’s Oil Minister, said on Thursday after a meeting with Brazilian Minister of Energy, Bento Albuquerque. Currently India imports only a fraction of its oil imports from Brazil. Indian state-owned companies Bharat Petroleum Corp and Oil and Natural Gas Corp have made investments in Brazil’s oil and gas exploration sector. India wants to import oil from Brazil under “long-term special contracts”, said a government statement issued after the meeting without giving further details. Brazil, which is ramping up its oil output by 10% to 3.3 million barrels per day, is willing to meeting Indian demand for oil, Albuquerque said. Puri said that India and Brazil are cooperating in the areas of biofuels and ethanol.

Source: Reuters/ Noticias Agricolas (*Translated by Ia Niani)