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Petrobras divestment: India invited

business Updated: Nov 01, 2011 22:44 IST
Anupama Airy
Anupama Airy
Hindustan Times
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Brazil’s energy giant Petrobras said on Tuesday that it is expecting huge participation from leading oil and gas firms in Asia including India and China in the divestment of its $14 billion of refining and exploration assets currently underway.

Petrobras CEO Jose Gabrielli said the divestment will fund efforts to develop Brazilian resources.

Gabrielli said his company sees India as a “very good partner” and given the growing demand for oil in India was also considering increasing the exports of crude oil to India in the coming years.

However, with Brazil’s own refining capacity building up, the imports of diesel from India’s private and public refineries will decline. “We are in negotiations on increasing crude oil exports to India,” said Sillas Oliva Filho, managing director of Petrobras Singapore.