NEW DELHI, April 21 Reuters India, the world39;s third biggest oil importer and consumer, is looking at boosting oil purchases from Brazil, oil minister Hardeep Singh Puri said on Thursday after a meeting with Brazilian Energy Minister Bento Albuquerque.

Currently India imports only a fraction of its oil imports from Brazil.

We have expressed to the honourable minister that we are willing to increase our crude from Brazil many times over, Puri said, adding Indian companies will also be looking at boosting investment in the South American nation.

At present, Indian staterun companies Bharat Petroleum Corp and Oil and Natural Gas Corp have made investment in Brazil39;s oil and gas exploration sector.

India wants to import oil from Brazil under longterm special contracts,, a government statement issued after the meeting said without elaborating further.

Brazil, which is ramping up its oil output by 10 to 3.3 million barrels per day, is willing to meeting Indian demand for oil, Albuquerque said.

India, which meets about 84 of its oil needs through imports, is looking at ways to cut its import bill including stepping up use of biofuels.

India39;s staterun fuel retailers are increasing their ethanol storage capacity by 51 as the nation targets to double the biofuel39;s blending with gasoline to 20 by 2025.

Puri said India and Brazil are cooperating in the areas of biofuels and ethanol.

Brazilian Sugarcane Industry Association, Unica has signed an memorandum of…