India investing $1.6 bn in Brazil, says Jaishankar

NEW DELHI: Ukraine crisis has led to an energy challenge and India has ramped up its energy investment, says External Affairs Minister, Dr S Jaishankar in Brazil on Wednesday. “Because of Ukraine crisis everyone is having an energy crisis.

We have ramped up our energy investment by investing $1.6 billion in ongoing petroleum investment. We are also procuring more from Guyana, Mexico, Brazil. Similarly for edible oil imports too we are buying from Brazil, Argentina and Paraguay,’’ said Dr Jaishankar, while addressing entrepreneurs in Brazil.

Dr Jaishankar also said that Brazil’s passion of ethanol was matched by India as not just does it lead saving fuel, contributes in climate change and also inches closer towards self sufficiency. Meanwhile,  $1.6 billion is being invested by Bharat Petro Resources Ltd  (BPRL) a wholly owned subsidiary of Bharat Petroleum Corporation Limited.

This investment will go in for development of an oil block in Brazil which is expected to start production by 2026-27. BPRL has acquired a 40 per cent stake in the oil owned by Brazil’s national oil company Petrobas. This will strengthen India’s energy security and diversify the country’s crude oil supply which was primarily dependent on Middle East.