Petrobras signs contract to sell 6 million bbl of oil to HPCL

The deal was signed in India during an official mission to New Delhi by Vice President Geraldo Alckmin and Minister of Development, Industry, Commerce, and Services (MDIC). The Brazilian delegation included executives from Petrobras and other Brazilian companies.

With the contract with HPCL, Petrobras will now supply oil to India’s three main state-owned refiners. In February 2025, the company signed a sales agreement with Bharat Petroleum Corp. (BPCL), also for delivery volumes of up to 6 million bbl over a one-year period. Petrobras also maintains a commercial agreement with Indian Oil Corp. (IOC), India's largest state-owned refiner. Through this agreement, more than 20 million bbl of oil have been exported to the country in the last two years.

“India is one of the main drivers of the global economy today and will be even more so in the near future. It is an extremely important market for international oil flows, given its robust economic and population growth, combined with its refining capacity of over 5 million bpd and local production availability of just over 10% of its needs,” explained Claudio Schlosser, Executive Director of Logistics, Marketing, and Markets at Petrobras.

Petrobras's commercial relations with India were for years focused on private refiners, with Reliance Industries Ltd (RIL) still a relevant current partner. Recently, the company has focused on state-owned refiners, which consume medium-grade oils, better suited to the company’s export profile.

“Petrobras’s increased share of oil supply to India is the result of the constant efforts and market development carried out by our commercial offices in Singapore, Rotterdam, and Houston, coordinated by the central office in Rio de Janeiro,” stated Schlosser.

Read the article online at: https://www.hydrocarbonengineering.com/refining/21102025/petrobras-signs-contract-to-sell-6-million-bbl-of-oil-to-hpcl/