Despite a lack of current investments in Iran, Brazilian state-controlled Petrobras will keep its office running in that country for the foreseeable future, Petrobras President Jose Sergio Gabrielli said today. Brazil has been under pressure from the US and other countries to reduce business relations with Iran because of the international controversy over Iran's nuclear programme. Iran faces possible United Nations economic sanctions because of concerns by many nations that its nuclear energy programme may be aimed at developing a weapons capability, Dow Jones reported.
In recent statements, Brazilian officials have downplayed the dangers of Iran's nuclear programme, calling for more negotiations before adopting any sanctions. In comments last month, Brazilian Foreign Minister Celso Amorim said, "Brazil still sees space to negotiate with Iran." In the past few years, Petrobras has worked in partnership with Iran's government in oil development on Iranian soil.
Petrobras has made total investments in Iran of some $30 million, but test wells drilled by Petrobras have failed to come up with commercially significant oil volumes. Gabrielli did not elaborate on the company's decision to maintain its office in Iran, despite the lack of any current investment programme there. He said the decision was "an internal matter."
