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Leading oil companies dedicated the second day of India Energy Week (IEW) 2025 to announcing strategic deals and business agreements across the supply chain — from sourcing more crude oil supply to deploying more domestic ships and building gas distribution capacity.
One of the most significant was Bharat Petroleum Corporation (BPCL), an oil-marketing company (OMC), signing a strategic term contract with Petróleo Brasileiro SA (Petrobras), Brazil’s national oil company, for the supply of Brazilian crude oil grades.
The contract, initially valid for one year with an option to extend for another year, will ensure a stable and reliable supply of crude oil to BPCL’s refineries, reinforcing the long-standing partnership between the two companies, the company said in a statement.
“This development marks a major milestone in the ongoing efforts to diversify India’s crude oil sources and strengthen energy cooperation with Brazil,” BPCL said in a statement.
India is actively working to expand the list of nations it sources crude oil from.
The number of suppliers has now increased to 40, with the latest inclusion of Argentina, up from 27 earlier.
With this agreement, BPCL reinforces its commitment to ensuring energy security for India, while Petrobras strengthens its position as a reliable supplier of crude oil, the firm said.
BPCL also announced a joint venture with the Shipping Corporation of India (SCI).
In an innovative partnership, the OMC signed a memorandum of understanding (MoU) with SCI to establish a “strategic partnership”.
The firms said, “This partnership is a step towards building a world-class shipping ecosystem that supports India’s growing energy needs.
"By working together, BPCL aims to create a dedicated, efficient, and future-ready maritime infrastructure that will not only strengthen its supply chain but also contribute to India’s position as a global maritime leader.”
Executives said the focus areas would be a dedicated shipping network for the transportation of crude oil, gas, and petroleum products.
BPCL and SCI would also explore opportunities to enhance India’s maritime strength while ensuring a reliable energy transportation network.
Another OMC, Hindustan Petroleum Corporation, joined hands with the gas trading platform India Gas Exchange.
The city gas distribution (CGD) segment also saw the emergence of a newly merged entity. AG&P Pratham and THINK Gas announced they would now operate under a single brand — THINK Gas.
The new company would have operations in about 50 districts across 10 states, serving over 180 million consumers.
“The group entities together will represent the largest foreign direct investment in the greenfield CGD business, with an investment of $1 billion over the next eight years.
"The group entities plan to expand their network to 24,000 inch-kilometre of steel pipelines, creating a stronger network of over 2,000 compressed natural gas stations covering 3,24,000 square kilometres,” company executives said.
THINK Gas has investment from I Squared Capital and a Japanese consortium comprising Osaka Gas Co., Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development, Sumitomo Corporation, and Konoike Transport.
ONGC, in another green agreement, signed a non-binding MoU with Tata Power Renewable Energy.
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