Petrobras Looks To Iran

Reports emerging from Iran indicate that Brazil's national oil firm Petrobras is in negotiations with Tehran over possible development work in the Caspian Sea. National oil firm National Iranian Oil (NIOC) is holding the talks but further details were not forthcoming. The Brazilian group is trying to increase its presence in the Middle East, amid international diversification efforts to reduce its reliance on the domestic market. The group already has some experience in Iran, signing an oil exploration deal in July 2004, but returns have yet to take-off.

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