Brazil wants to increase oil exports in the Asian market
With the Petrobras group working to increase oil production and exports, Brazil is looking for new options to diversify its export markets, with a focus on Asia.
Reuters news agency quoted Petrobras chief executive Roberto Castello Branco as saying: “We hope this will bring positive progress in the near future, in about three years there will be a position. firm position in the Indian market “.
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Accordingly, India is an attractive market for any supplier, expected to be the largest source of growth in energy demand by 2050, with expected demand. is 6 million barrels / day by 2025.
In fact, India is currently looking for ways to diversify suppliers. In January, Indian Oil Minister Dharmendra Pradhan met with Brazilian Energy and Mining Minister Bento Albuquerque to discuss a potential partnership between the two countries.
India, the world’s third largest oil importer, currently imports about 84% of its needs. About two-thirds of India’s oil comes from the Middle East, mainly Iraq and Saudi Arabia.
Mr. Pradhan said: “India is diversifying its crude supplies and our oil companies have expressed interest in sourcing more crude from Brazil, provided they enjoy commercial terms. commercial “.
It is known that Indian Prime Minister Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) with Brazil for cooperation in the oil and natural gas sectors. We can hope for greater cooperation in exploration and exploitation between the two sides, as well as strengthen research and development cooperation in the future.
According to data released on October 25 by the China General Department of Customs, Brazil overtook Iraq as the third largest supplier of crude oil to China in September 2020, amid factories Chinese refineries find cheap, relatively high quality oil from this South American exporter.