Brazilian Petrobras and Indian Oil agree on oil supplies to India

MOSCOW, Sep 27 – PRIME. Oil and gas giant Petrobras has signed an agreement with the Indian state-owned Indian Oil Corporation for the supply of up to 12 million barrels of oil, the press service of the Brazilian company reported.

“Petrobras and Indian Oil Corporation (IOC), the largest state-owned Indian oil and gas company, have signed a framework oil supply agreement. According to the contract, Petrobras will supply up to 12 million barrels of oil to IOC,” the release said.

Representatives of the Brazilian giant noted that the signing took place as part of a meeting between the Petrobras CEO and the Indian oil and gas minister. The agreement lasts, according to them, six months and can be extended for another year.

As part of the meeting, Petrobras also signed a memorandum of understanding with Indian refiner Bharat Petroleum Corp, which will facilitate negotiations and establish cooperation principles for oil supplies in the future.