India is set to sign a deal with Brazil to buy 12 million barrels of crude oil worth US$780 million, Reuters news agency has revealed.
The deal between India’s Bharat Petroleum and Brazil’s Petrobras will be effective from the 2027 fiscal year.
India’s aim is to cover part of the crude oil it buys from Russia in this way, and in line with the strategic approach to importing crude oil, India’s focus is on importing more crude oil from the Middle East, Africa and South America in the future.
Indian Prime Minister Narendra Modi and Brazilian President Lula da Silva recently held talks to strengthen trade relations between the two countries, and the Indian Prime Minister has invited the Brazilian President to visit India in the future.