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)