Correct Answer : Option (B) - Bharat Petroleum
State-run Bharat Petroleum Corporation Ltd (BPCL) has signed a Memorandum of Understanding (MoU) with Brazilian oil major Petrobras, to diversify its crude oil sourcing.
The MoU was signed by Arun Kumar Singh, Chairman BPCL and Caio Paes de Andrade, CEO Petrobras, in Brazil on Saturday(24th Sep 2022).
In a statement BPCL said, the signing of the MoU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long term basis, especially considering the current geopolitical situations.
Bharat PetroResources Limited (BPRL) plans to invest $1.6 billion to develop an oil block in Brazil in an attempt to procure equity oil overseas. Through its fully owned subsidiary, Bharat PetroResources Limited, BPCL has a stake in the upstream sector in an ultra-deep water hydrocarbon block in Brazil, owned and operated by M/s Petrobras.
The field development plan and final investment decision is expected to be declared soon.
For the first time, India will be inking a long-term supply deal with Petrobras, one of the few global oil majors increasing production.
Petrobras is a publicly-held corporation that operates in an integrated and specialized manner in the oil, natural gas and energy industry..Source : Times now News