Baku, Azerbaijan, Oct. 28
By Fatih Karimov - Trend: Brazil seeks to import liquefied natural gas (LNG) from Iran.
Iran's Oil Minister Bijan Namdar Zanganeh said a joint working group would be formed to follow up related negotiations, Iran's Shana news agency reported Oct. 27.
Zanganeh made the remarks on the sidelines of a meeting with Brazilian Development, Industry and Foreign Trade Minister Armando Monteiro in Tehran.
"Brazil enjoys great experience in deep water drilling projects. So, we can benefit from Brazilian expertise in drilling at the Caspian Sea," Zanganeh said.
Meanwhile, Brazil wants to import LNG from Iran, he noted. The two sides are willing to cooperate in manufacturing oil equipment, he said.
In a meeting between Monteiro and Iranian Finance and Economic Affairs Minister Ali Tayebnia on Oct. 27, the Iranian minister said that Iran and Brazil agreed to boost their bilateral trade to $5 billion.
The two sides also discussed ways to expand joint trade and investment, and decided to hold their joint economic cooperation meeting in the first quarter of the next year.
The Brazilian minister, for his part, said that the implementation of the Joint Comprehensive Plan of Action (JCPOA) between Iran and world powers on Iran 's nuclear program is of high importance for Brazil.
Trade between Iran and Brazil stood at $254.631 million in the previous Iranian calendar year, which ended on March 20, with the balance tipped in favor of Brazil.
Edited by CN