Petrobras announced a $3.1 billion expansion of its oil sales contracts with three Indian state‑owned refiners—Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The new agreements, signed during India Energy Week in Goa, extend existing supply arrangements through March 2027 and increase the total volume to 60 million barrels, with IOC receiving up to 24 million barrels, and BPCL and HPCL each receiving up to 18 million barrels.
The expansion reflects Petrobras’ strategic pivot toward Asia, where it has been redirecting a growing share of its exports. India’s crude imports are projected to rise to five million barrels per day, and the company’s pre‑salt crude grades are well matched to the refinery configurations of the three Indian buyers. By securing longer‑term contracts with the country’s largest refineries, Petrobras reduces its reliance on traditional Atlantic Basin buyers and positions itself to capture a larger share of the fast‑growing Indian market.
Management highlighted the deal’s role in diversifying Petrobras’ export portfolio. “The contracts strengthen our presence in the Indian market and contribute to diversifying our portfolio of oil export customers,” said Cláudio Schlosser, director of logistics, marketing and markets. The company’s recent record oil exports—814 million barrels per day in Q3 2025—underscore the importance of expanding into high‑growth regions.
Financially, the deal is expected to lift Petrobras’ top‑line revenue in the coming quarters. While the exact revenue impact is not disclosed, the 60 million‑barrel increase represents a significant addition to the company’s export volumes, which were already growing at a record pace. The expansion also supports Petrobras’ broader 2025‑2029 plan to invest in refining and low‑carbon projects, reinforcing its long‑term growth strategy.
The announcement comes at a time when Petrobras is solidifying its position in Asia, following a 23% increase in net income in Q3 2025 and a record export volume. The Indian contracts add a new layer of stability to the company’s revenue streams and signal confidence in the continued demand for high‑quality Brazilian crude in one of the world’s largest refining markets.
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