India-Brazil Energy Partnership: How $2.5 Billion Oil Deal Expands Amid Lula Visit

Puri said that India currently buys around USD 2.5 billion worth of crude oil every year from Brazil, and the two countries see room for much greater cooperation.

"We purchase approximately USD 2.5 billion worth of traditional energy crude annually from Brazil. Many of our companies have entered into term agreements with Brazil, with Petrobras, and I think we could buy more," the Union Minister Puri said while addressing mediapersons.

He added that India is also exporting refined products such as high-speed diesel and aviation fuel to Brazil, noting, "There's tremendous scope for further enhancement."

Puri said his discussions with Vice President Alckmin focused mainly on expanding energy ties. "The discussion that I had with Vice President Alckmin was, of course, in the context of the energy sector. I think ONGC and Petrobras have just signed an MOU on onshore exploration," he said.

Reflecting on his earlier posting as India's ambassador to Brazil, Puri said the two countries have maintained strong and friendly relations for decades. "I had the privilege of serving as India's ambassador to Brazil between 2006 and 2008. Brazil and India are not only partners in several multilateral and plurilateral initiatives, but our economic relationship is growing from strength to strength," he said.

He also highlighted new areas of partnership, such as clean energy and biofuels. "We are also firm stakeholders in new areas of cooperation, such as biofuels. We are not only founding members of the Global Biofuels Alliance, which now has 32 countries, but our traditional economic interaction with Brazil is growing. But I still believe it has potential that could be further discovered," Puri said.

Brazilian Vice President Geraldo Alckmin while adddressing a press conference on Wednesday said that President Luiz Inacio Lula da Silva would visit India early next year. "At the beginning of next year, precisely in February, President Lula will pay a visit to India," he said.

Alckmin expressed his happiness to return to India and strengthen bilateral ties. "I would like to say it is really a satisfaction and an honour to be able to return to New Delhi to see my dear Indian comrades. I'm bringing a fraternal regard on behalf of President Lula of Brazil. We were very happy to receive Prime Minister Modi back in July 2024 in Brazil," he said.

He added that both sides were working to deepen economic cooperation. "Two days ago, I signed a Brazilian presidential decree for the establishment of non-double taxation between the two countries, and we also established a reciprocal investments agreement," Alckmin said.

- ANI