Tehran, Brasilia in Talks over Oil Cooperation: Source
TEHRAN (Tasnim) – Tehran and Brasilia are in negotiations about Iran’s investment and presence in the South American country’s oil market, a source said.
A Brazilian government source told Reuters on Thursday that Iran is interested in exporting oil to Brazil, processing that crude at refineries in Brazil's northeastern region and then selling it in the Brazilian market.
"For this subject to be considered embryonic it will still need to evolve a lot," said the source, who preferred anonymity.
The source added that the Islamic Republic has also expressed willingness to construct the Premium I and Premium II refineries in Brazil's northeastern states of Maranhao and Ceara, adding the refineries are designed to produce low-sulfur fuels.
Brazil is currently the world’s seventh largest economy, which is a member of the BRICS group of emerging powers that also includes Russia, India, China, and South Africa.
Brasilia is Tehran’s most important economic partner in Latin America and the volume of bilateral trade amounts to about USD 1.6 billion a year.
