News ID: 129774
Published: 0745 GMT October 27, 2015

Iran ready for energy ties with Brazil: Minister

Iran ready for energy ties with Brazil: Minister

Oil Minister Bijan Namdar Zanganeh said Iran is interested in developing ties with Brazil and is also ready to cooperate with the Latin American country in the energy sector including LNG and deep-water drilling.

"Both are oil-rich countries and Brazil has valuable experience in deep-water oil production," he told the visiting Brazilian Minister of Development, Industry and Foreign Trade Armando Monteiro in Tehran on Tuesday, reported Shana.

Monteiro said, "We hope to turn these talks to a roadmap for future ties in various fields after our return to Brazil."

Following the meeting, Zanganeh told reporters that Brazil is considering the purchase of LNG from Iran and that a joint working group will set up to follow up the agreements reached in the negotiations.

"Iran needs Brazil's experience in deep-water drilling for use in oil production in the Caspian Sea," the Iranian minister added.

He did not give an exact date for the start of oil cooperation between Iran and Brazil.

The Brazilian minister welcomed his talks with Iranian officials and hoped that Tehran-Brasilia trade will increase to $5 billion in the short term — up from the current $1.6 billion.

"Oil can be added to the future joint investment ventures between Iran and Brazil," Monteiro said.

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