Petrobras: Magda discusses with Indian minister on business collaboration

The Brazilian state company confirmed that it is about cooperation with Indian energy companies, but no decision has been made

RIO – The president of the Petrobras, Magda Chambriardmet with the Minister of Petroleum and Natural Gas IndiaHardeep Singh Puri, and his entourage, on Thursday 19th, at the headquarters of the state-owned company. At State/BroadcastPetrobras said the parties discussed the possibilities of cooperation between the Brazilian state-owned company and Indian energy companies, but that no decisions had been made.

Friday 20th, as already demonstrated by the State/BroadcastThe Indian minister wrote on his social networks that, in addition to the cooperation between the two countries in the exploration and production of oil and gas, the possibility of increasing imports of crude oil from the Brazilian state-owned company is being discussed.

Currently, most of Brazil’s oil goes to China and Europe, regions that received 50% and 30% of the crude exported by the state company in the second quarter of this year, respectively. Exports to India are not discriminated against, as the country is part of a block called “Asia (Ex China)”, which received 9% of Petrobras’ exports in the period. An increase in India’s participation in these purchases could lead to the shift of goods that today go to other regions of the world. Petrobras exported 651 thousand barrels of oil per day in the three months from April to June 2024.

“We discussed measures to further increase crude oil purchases between Petrobras and Indian energy companies, as well as opportunities for collaboration in India and Brazil, particularly in deepwater and ultra-deepwater exploration and production projects,” Puri said in Threads, Meta’s social network.

He also cited Brazil’s pioneering spirit in biofuels and wrote that the two countries will work to develop sustainable aviation fuels (SAF).

Source: Terra

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