Tehran, Oct 27, IRNA � Minister of Petroleum Bijan Zangeneh said Iran is interested to develop its relations s with Brazil and is also ready for cooperation with the Latin American country in various fields of energy including LNG and deep-water drilling.

�Both countries are oil-rich and Brazil has valuable experience in deep-water oil production,� Shana quoted him saying at a meeting with the visiting Brazilian Minister of Development, Industry and Foreign Trade Armando Monteiro here on Tuesday.

Monteiro, who is visiting Iran heading a trade delegation, welcomed his meetings with Iranian officials and said, �We hope to turn these talks to a roadmap for future ties in different fields after our return to Brazil.�

Following the meeting, Zangeneh told reporters that Brazil is considering buying LNG from Iran and that a joint working group will set up to follow up the agreements reached in the negotiations.

�Iran needs Brazil�s experience in deep-water drilling in order to use it for producing oil in the Caspian Sea,� the Iranian minister added.

He refused to announce a precise date for the start of oil cooperation between Iran and Brazil but added, �We were behind the closed doors for a while and now there is open room for those interested in negotiations and cooperation with Iran after which we can plan the implementation.�

The Brazilian minister welcomed his talks with Iranian officials and expressed the hope that Tehran-Brasilia bilateral trade will increase to 5 billion dollars in the short term, up from the current 1.6 billion dollars.

�Oil can be added to the future joint investment ventures between Iran and Brazil,� Monteiro said.

By IRNA