New Delhi, Feb. 12 -- State-run Bharat Petroleum Corporation Ltd (BPCL) has signed a strategic term contract with Brazil's national oil company Petróleo Brasileiro S.A. (Petrobras) for supply of crude oil.

The contract would initially be valid for one year and can be extended by another year, BPCL said in a statement. The move is in line with the government's focus on diversifying India's crude oil sources and strengthen energy cooperation with Brazil. Mint earlier reported that state-run oil marketing companies (OMCs) including BPCL were in talks with Petrobras to secure guaranteed crude oil supplies.

"The contract, initially valid for one year with an option to extend for another year, will ensure a stable and reliable supply of ...