BRAZIL BOOSTING OIL TIES WITH IRAN AFTER LOSS OF IRAQI TRADE

Brazil continues to strengthen ties with Iran, following the loss of key trading partner Iraq as a result of the Persian Gulf crisis. Braspetro, overseas exploration arm of Brazil's Petroleos Brasileiro SA, is participating in a tender for a major natural gas development program in Iran. It also plans to participate in another tender, one covering delivery of as many as 24 onshore and offshore drilling rigs to National Iranian Drilling Co. (NIDC). Meanwhile, Brazil has secured better terms

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