Iran ready to join hands with S American oil giants

Tehran and Brasilia have launched a fresh round of negotiations on return of Brazil’s Petrobras Corporation to Iran’s offshore oil industry.

Speaking on the sidelines of a meeting with Brazil's Minister of Mines and Energy Fernando Coelho Filho, Iran’s Oil Minister Bijan Zanganeh voiced the willingness of both sides to develop relations in oil and gas sectors; "Brazilian firms, Petróleo Brasileiro S.A. is particular, possess precious experiences in discovery and expansion of oil fields in deep waters, exactly what Iran needs in the Caspian Sea region.”

Zanganeh, while inviting Brazilian companies to participate in submarine sectors of Iran’s oil industry, asserted "in addition to collaboration in Iran’s upstream oil sector, Tehran and Brazil could also cooperate on construction of 10 commodity groups required by the Iranian oil industry.

He also expressed Iran’s readiness to make presence in the upstream sector of Brazils refinery industry adding "the Iranian government can supply crude oil to Brazilian refineries.”

Bijan Zanganeh also pointed to purchase of services as yet another possible venue for cooperation between the two countries recalling that Brazilian firms will be able to conduct activities in Iran only through investment or by establishing joint venture together with Iranian counterparts.

"Firm banking relations are mandatory prerequisites to development of bilateral cooperation,” underscored the Iranian oil minister adding "relevant talks were initiated during the earlier visit of Iran’s economy minister to Brazil and the negotiations are expected to be resumed in Tehran.”

Iran’s senior petroleum official said the country attaches great importance to forming strong banking ties with the South American country stating "as a powerful country, Brazil possesses a large market with high technologies and Iran is eager to form long-term and strategic relations with the Brazilians.”