Senior government officials of Iran Brazil recently discussed the  possibility of Iran constructing an oil refinery in Maranhao in north-eastern Brazil, a report said.
 
Brazil's participation in deep-sea oil extraction and manufacturing oil equipment was also on the agenda in a meeting between Brazil's Minister of Mines and Energy Fernando Coelho Filho and Iran's Ambassador Ali Saqqaeian, reported Iran Daily.

Iran had shown interest in investing in the construction of the Premium I and Premium II refineries in Brazil's north-eastern states of Maranhao and Ceara, which are designed to produce low-sulphur fuels, the report said.

Brazil is Iran's main trading partner, with most business conducted in the mining and agriculture sectors. Between March 2016 and March 2017, Brazil exported goods valued at about $2.2 billion to Iran while importing $75 million in return, according to the head of Iran-Brazil Joint Chamber of Commerce, Kaveh Zargaran.

Brazil's top exports to Iran include food, medication, minerals and automobiles. Agricultural products account for the major portion of Brazil's overseas sales to Iran, and it sells $400 million worth of meat to Iran per year.

In 2016, Iran also reached an agreement with Brazilian airplane manufacturer Embraer to purchase 10 passenger jets.

Iran's ATA Air recently received its first second-hand ‎50-seat ERJ 145 light passenger jet from the company, the report said, noting that more Iranian airlines are expected to receive airplanes from the Embraer by March 2018.