TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said on Saturday Iran and Brazil should expand their relations in oil and gas industry.

Zanganeh made the remarks in a meeting with Brazilian Minister of Energy and Mines Fernando Coelho Filho in Tehran on Saturday, Shana reported.

“Brazilian companies, especially the country’s national oil company (Petrobras), have great experience and expertise in in-depth oil and gas explorations and Iran could use such experience in Caspian Sea fields,” Zanganeh said.

“We also invite Brazilian companies to contribute to the country’s offshore projects,” he added.

Zanganeh further noted that Iran is ready to supply crude oil to Brazilian refineries.

“However, solid banking relations is the prerequisite for the two countries’ cooperation,” he added.

The Brazilian minister, for his part, voiced his country’s eagerness for cooperation with Iran not only in oil and gas but also in other areas.

He noted that Brazilian companies are keen on investing in Iran’s oil and gas industry and other areas, as well.

“Iranian companies also can explore new opportunities in Brazil, especially in exploration and refining sectors,” he said.

Brazil is Iran’s most important economic partner in Latin America; the two countries’ annual trade turnover is estimated about $2 billion.

EF/MG