By Brazil Stock Guide – Petrobras (B3: PETR4, NYSE: PBR) has renewed and expanded long-term crude oil supply agreements with India’s main state-owned refiners, extending its commercial footprint in one of the world’s fastest-growing energy markets. The deals were signed during India Energy Week, held this week in Goa, and will run through March 2027.
The contracts involve Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL)—the three largest state refiners in the country. Together, the agreements represent a potential sale of up to 60 million barrels of Brazilian crude, with a combined value that may exceed $3.1 billion, depending on prices and optional volumes.
Under the revised terms, Petrobras agreed to supply IOC with up to 24 million barrels over a 12-month period, renewable for an additional year. With BPCL and HPCL, the company tripled the maximum contractual volume for each agreement, expanding them from 6 million barrels to 18 million barrels through March 2027.
Strategic India Exposure
India currently imports close to 5 million barrels of oil per day, making it one of the largest crude buyers globally. For Petrobras, the expanded contracts strengthen diversification away from traditional Atlantic Basin buyers and deepen exposure to Asian demand, particularly for Brazilian pre-salt grades that are well suited to Indian refinery configurations.
“These contracts reinforce Petrobras’ presence in the Indian market and contribute to diversifying our crude export client base,” said Cláudio Schlosser, Petrobras’ director of logistics, commercialization and markets. He added that the company is focused on building strategic partnerships that expand its global reach while generating long-term value for Brazil.
The agreements were signed in the presence of senior executives and Indian government officials, underscoring the role of energy diplomacy as India seeks to secure reliable crude supply amid shifting global trade flows and tighter competition for barrels.