Export Promotion Bureau (EPB) Chairman Tariq Ikram has said that the Brazilian oil giants, Petrobras, and Pakistan Petroleum Limited (PPL) are negotiating for joint venture in oil and gas exploration on Pakistani coast. "Pakistan is interested in establishing partnerships with Brazil in the areas of oil, gas and ethanol" said Tariq Ikram, who was in Sao Paulo heading a diplomatic and business mission. The EPB chief also visited the Arab-Brazilian Chamber of Commerce (CCAB) and was received by CCAB President Antonio Sarkis Jr.
According to Tariq Ikram, it was time to transform good political relations with Brazil and other South American countries into stronger commercial exchange.
The possibility of agreements between Petrobras and the PPL is the direct consequence of the visit of President Pervez Musharraf to Brazil in November 2004.
During his visit, President Musharraf had invited the Brazilian company to send a representative to Pakistan to analyse the existing business opportunities.
Two company technicians were recently in Pakistan and met Minister of Oil and Natural Resources Amanullah Khan Jadoon.
According to Tariq Ikram, Pakistan is also interested in obtaining Brazilian technology in systems for compression of natural gas, production of ethanol for use as vehicle fuel and in chemical industry.
The EPB chief led a delegation of 18 Pakistani businessmen, representing textile, sports goods, pharmaceuticals, cutlery, surgical equipment and other sectors. "Brazil imports many of these products in great quantity, but a few from Pakistan," he said.