Bharat Petroleum Corporation will buy 12 million oil barrels for $780 million from Brazil’s Petrobas in FY27, a Reuters report said. The report added that the latest deal is twice the size of its 2026 contract and is aimed at partially replacing Russian oil.
Indian oil companies are redrafting their oil import strategy to offset the reduction in oil imports from Russia. The report said that Indian oil refiners are buying more oil from Middle Eastern, African and South American countries as they gradually move away from Russian oil purchases.
Furthermore, the report added that Bharat Petroleum will sign the oil purchase deal with Brazil’s national oil company next week at the India Energy Week conference.
Indian Oil deal
According to a Reuters report, Indian Oil Corporation has bought 7 million barrels of oil, including from Brazil’s Petrobras, for March loading to replace Russian oil. The report added that Indian Oil has also bought 2 million barrels of Brazil’s Buzios oil from Petrobras under its optional contract that provides flexibility to strike a deal at mutually agreed terms.
As per the report, Indian Oil has purchased 1 million barrels of Abu Dhabi’s Murban grade from Shell and 2 million barrels of Upper Zakum from trader Mercuria. The report added that IOC has also acquired 1 million barrels each of Angola’s Hungo and Clove from Exxon
Other oil deals in India
During the four-day India Energy Week conference, beginning Jan 27, state-run Numaligarh Refinery 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, Numaligarh Refinery and Oil India will sign a preliminary deal with TotalEnergies to buy liquefied natural gas (LNG) to meet the future demand of the two Indian companies.
Separately, BharatPetro Resources, a unit of BPCL, is set to sign a pact with Shell to acquire stakes in oil and gas companies worldwide.
BPCL Q3 results
Bharat Petroleum Corporation will release its Q3 FY26 earnings report on Friday, January 23, 2026.