Iran, Brazil planning energy cooperation

In a meeting with Brazil's Minister of Mines and Energy Fernando Coelho Filho, Iran's Oil Minister Bijan Namdar Zanganeh voiced the willingness of both sides to develop relations in the oil and gas sectors.

Brazilian firms, Petróleo Brasileiro S.A. in particular, possess invaluable experience in exploration and expansion of deep-water oilfields which is what Iran seeks in the Caspian Sea region, said Zanganeh.

While inviting Brazilian companies to participate in Iran's offshore oil industry, Zanganeh asserted, "In addition to collaboration in Iran's upstream oil sector, Tehran and Brazil could also cooperate in the Iranian oil industry."

 

He expressed Iran's readiness to take part in the upstream sector of Brazil's refinery industry and added, "The Iranian government can supply crude oil to Brazilian refineries."

Zanganeh also pointed to providing services as yet another possible area of cooperation between the two countries. He recalled that Brazilian firms will be able to conduct activities in Iran only through investment or by establishing joint ventures with Iranian counterparts.

"Firm banking relations are mandatory prerequisites to development of bilateral cooperation," Zanganeh underscored, adding, "Talks to this effect were initiated during the earlier visit of Iran's economy minister to Brazil and the negotiations are expected to be resumed in Tehran."

He said Iran attaches great importance to establishing strong banking ties with the South American country stating that as a powerful country, Brazil boasts a large market with high technologies and Iran is eager to form long-term and strategic relations with the Brazilians.

 

 

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