Bharat Petroleum Corporation( BPCL) has inked a Memorandum of Understanding( MoU) with Petrobras, the public oil painting company of Brazil. The MoU was inked by Arun Kumar Singh, Chairman & Managing Director, BPCL and CaioPaes de Andrade, CEO Petrobras, in presence of Pankaj Jain, Secretary, MoPNG, Indian Ambassador to Brazil and other officers from MoPNG, in Brazil. The signing of the MoU will strengthen unborn crude oil painting trade relations between the two companies and explore implicit crude import openings by BPCL, on a long term base, especially considering the current geopolitical situations. Bharat PetroResources( BPRL) plans to invest$1.6 billion to develop an oil block in Brazil in an attempt to land equity oil overseas. Through its completely possessed attachment, Bharat PetroResources, BPCL has a stake in the upstream sector in anultra-deep water hydrocarbon block in Brazil, possessed and operated by Petrobras. The field development plan and final investment decision is anticipated to be declared soon.
Yusuf Bhandarkar
