Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri during the Curtain Raiser Press Conference on IEW 2026, on Friday, January 23, 2026. Photo credit: PIB
Bharat Petroleum Corp Ltd will buy 12 million oil barrels for $780 million from Brazil’s Petrobas in fiscal 2027, twice the size of its 2026 contract, to partly replace Russian oil, a government statement said on Friday (January 23, 2026).
Refiners are redrafting their oil import strategies, buying more oil from West Asian, African and South American countries to make up for a reduction in Russian oil supplies.
The deal between Bharat Petroleum Corp and Brazil’s national oil company will be signed next week at the India Energy Week conference, the statement added.
Other pacts
During the four-day conference beginning on January 27, state-run Numaligarh Refinery Ltd (NRL) will also sign a preliminary deal with France’s TotalEnergies to build a 200 kilo tons per year sustainable aviation fuel project at Paradip in eastern Odisha state.
Additionally, NRL and explorer Oil India Ltd will sign a preliminary deal with TotalEnergies to buy liquefied natural gas (LNG) to meet future demand of the two Indian companies.
Separately, BharatPetro Resources Ltd – an unit of BPCL – is set to sign a pact with Shell to buy stakes in oil and gas companies across the world, the government statement said.
Published – January 23, 2026 06:40 pm IST
