29th July, 2022 EXTRA TOPIC OF THE DAY
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- The Cabinet Committee on Economic Affairs chaired by Prime Minister has approved an investment of Rs. 12,000 crores by Bharat PetroResources Ltd. (BPRL) for the development of BM-SEAL-11 Concession Project in Brazil.
- Bharat PetroResources Ltd. (BPRL) is a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL).
- The Production from BM-SEAL-11 project is expected to start from 2026-27.
Significance of the Project for India
- It will Strengthen India’s energy security.
- Diversifying India’s crude oil supply.
- Strengthening India’s foothold in Brazil, which could open business opportunities in neighbouring Latin American countries.
- It will strengthen the bilateral ties between India and Brazil.