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EghtesadOnline: Minister of Petroleum Bijan Zangeneh referred to Iran's readiness to cooperate with Brazil in its refinery sector by supplying crude oil.

Speaking to reports after a meeting on Saturday evening with the visiting Brazilian Minister of Mines and Energy Fernando Coelho Filho, Zangeneh said that Iran and Brazil are interested in developing ties in oil and gas sector, IRNA reported.

Noting that the Brazilian firms, especially its National Oil Company (Petrobras), enjoy good experience in exploration and development of oil fields in deep waters, the Iranian minister said Tehran is interested to use those experiences in its Caspian Sea projects.

Iran has invited Brazilian companies to participate in the former's offshore projects, said the minister.

Noting that establishing strong banking relations is necessary for Tehran-Brasilia cooperation, Zangeneh said, during his visit to Brazil in November, Iran's Minister of Economic Affairs and Finance Ali Tayebnia discussed the issue with the country's officials.

Brazil is the most important economic partner for Iran in the Latin America.

The volume of Ian-Brazil economic ties is about $2bn per year which is expected to grow to $5bn.

Bijan Zangeneh Iran oil Iran-Brazil cooperation