Strategic deals of major oil companies – Strategic Deals of Major Oil Companies –

On the second day of India Energy Week-2025, leading oil companies announced strategic deals and trade agreements for their supply chain. This includes running more domestic vessels from high supply of crude oil and building gas distribution capacity. The most important deal was made by BPCL. The oil marketing company has entered into a strategic agreement for supply of Brazilian crude oil grade with Brazilian national oil company Petrolo Brazillero SA (Petrabras). The announcement was made at the India Energy Week held in New Delhi.

The company has said in its statement that initially the agreement will remain valid for a period of one year and there is an option to extend it to another year. This will ensure stable and reliable supply of crude oil to the refinery of BPCL and the long -standing partnership between the two companies will be stronger. BPCL said in its statement, “This important agreement is a major achievement in India’s existing efforts to diversify crude oil sources and strengthen energy cooperation with Brazil.”

It is noteworthy that India is actively increasing the list of countries from where it buys crude oil. The number of suppliers from Argentina joining it has increased to 40, which was earlier 27. BPCL Chairman and Managing Director G Krishnakumar said, “The agreement with Petrabrass is important for BPCL’s crude oil supply stable, competitive and diverse strategy. Strengthening our crude oil supply from Brazil is in line with our long -term perspective of increasing energy security for India. Our agreement with Petrabrass also shows our commitment to further increase global cooperation and adopt changes in the energy sector. Apart from this, BPCL has also announced a joint venture with the Shipping Corporation of India (SCI). In this new joint venture, the oil marketing company has tied up with SCI for strategic partnership.

Another oil marketing company HPCL has tied up with the gas business platform India Gas Exchange (IGX). A new unit merged into the city gas distribution category has also entered. AG&P I and Think Gas have announced that both companies will now operate under the same brand Think-Gas. The new company will now operate in 50 cities of 10 states and serve more than 18 crore consumers.

A senior company official said, “In the next 8 years, units of the group together with an investment of US $ 1 billion will now be the largest foreign direct investment in the new urban gas distribution business. The group company plans to expand their network up to 24,000 inch kilometers of steel pipelines and create a strong network of over 2,000 CNG stations covering 3,24,000 square kilometers. Think gas has an investment of I-Square Capital and Japanese Consortium of Osaka Gas, Joyin, Sumitomo Corporation and Conoic Transport.

ONGC has entered into a non-comprehensive agreement with Tata Power Renewable Energy Limited, a subsidiary of Tata Power Company Limited, to find out cooperative opportunities in the battery energy storage system in the Green Agreement.

First Published – February 12, 2025 | 10:38 pm IST

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