October 6, 2026: Bharat Petroleum Corp. is preparing an international bond sale to raise as much as $3 billion, largely to fund a major oil project in Brazil and refinance debt maturing next year, according to people familiar with the matter.

The largest share of the proceeds will help fund BPCL’s $2.8 billion contribution to the SEAP-I offshore development in Brazil, the people said, asking not to be named because the discussions are private. India’s second-biggest state-owned refiner plans to raise the money in several tranches and held investor roadshows in London, Dubai and Singapore last month to gauge demand, they said.

The Brazil investment underscores India’s accelerating push for overseas energy supplies as wars in the Middle East and between Russia and Ukraine disrupt traditional sources. State-run companies including BPCL and Oil and Natural Gas Corp. are preparing to boost investments abroad as the country, which imports almost 90% of its crude and about half its natural gas, seeks to diversify supply.

(Source: Bloomberg)