Currently India imports only a fraction of it’s oil imports from Brazil. On Thursday, after a meeting with Brazilian Energy Minister Bento Albuquerque, Indian oil minister Hardeep Singh Puri said that, India, the world’s third biggest oil importer and consumer, is looking at boosting oil purchases from Brazil. Puri also added, ” We have expressed to the honourable minister that we are willing to increase our crude from Brazil many times over.” He also added that Indian companies will moreover be looking at boosting venture within the South American country.

At present, Indian state run companies Bharta Petroleum Corp & Oil and Natural Gas Corp have made speculation in Brazil’s oil and gas exploration sector. Now India wants to import oil from Brazil under “long term special contracts. ” Albuquerque said that, Brazil which is inclining up it’s oil yield by 10% to 3.3 million barrels per day, is willing to assemble Indian request for oil. India’s state run fuel retailers are expanding their ethanol capacity by 51% as the nation targets. “India and Brazil are cooperating in the areas of biofuels and ethanol”, Puri said.

Brazilian Sugarcane Industry Association, Unica has marked collaboration with the Society of Indian Automobile Manufactures to work within the areas of ethanol and flex fuel innovation. Chief executive of Unica, Evandro Gussi said, ” We believe that India and Brazil can come together to help other countries seeking to ramp up the use ethanol as auto fuel and to develop the flex fuel technology to reduce carbon footprint. ” Recently India has increased its purchases of Russian crude, available at a cheaper rates.