India wants to boost oil imports from Brazil, says Indian oil minister

India, the world’s third-largest oil importer and consumer, is looking to increase its oil imports from Brazil, said India’s Oil Minister Hardeep Singh Puri on the 21st during a meeting with Brazil’s Minister of Mines and Energy, Bento Albuquerque.

India currently imports only a fraction of its oil imports from Brazil.

“We expressed to the distinguished minister that we are willing to increase our (imported) oil from Brazil repeatedly,” Puri said, adding that Indian companies will also be looking to boost investment in the South American country.

Indian state-owned companies Bharat Petroleum Corp and Oil and Natural Gas Corp have been investing in Brazil’s oil and gas exploration sector.

Without further details, India wants to import oil from Brazil under “special long-term contracts,” said a government statement released after the meeting.

Albuquerque said that Brazil, which is increasing its oil production by 10% to 3.3 million barrels a day, is willing to meet Indian demand for oil.

India, which meets about 84% of its oil needs through imports, is looking at ways to reduce its expenditure on the product, including stepping up its use of biofuels.

India’s state-owned fuel retailers are increasing their ethanol storage capacity by 51%, given the goal of doubling the biofuel-gasoline blend to 20% by 2025.

Puri said that India and Brazil are cooperating in biofuels and ethanol.

Unica, the entity that represents sugar and ethanol producers in Brazil, signed a memorandum of understanding with the Society of Indian Automotive Vehicle Producers to work in the areas of ethanol and flex-fuel technology.

“We believe that India and Brazil can work together to help other countries increase the use of ethanol as an automotive fuel and develop flex-fuel technology to reduce their carbon footprint,” said Evandro Gussi, Unica’s chief executive.

Most of India’s imports and oil originate from the Middle East, and in 2021, 9% of purchases came from Latin America.

India had recently increased its purchases of Russian oil, available at lower prices, after some companies and countries shunned Russian oil following Western sanctions on Moscow for its invasion of Ukraine.

Source: Isto É Dinheiro

To read the full original article, please go to:

https://www.istoedinheiro.com.br/india-quer-impulsionar-importacoes/

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