Petrobras in talks with Gazprom

Earlier this year Petrobras suspended investment in Bolivia

State-owned Brazilian oil company Petrobras is in talks with Russian's Gazprom over a string of joint ventures, the company's president said.

Projects could include a gas pipeline from Venezuela to Brazil, Argentina and Chile, said Jose Sergio Gabrielli.

If the move went ahead it would be the Russian gas firm's first steps into Latin America.

Mr Gabrielli told Reuters that Gazprom's experience with long pipelines made it an ideal partner.

In the interview he also said that Petrobras hoped to hike its production from 100,000 barrels per day to 800,000 by 2011.

After meeting investors in London to talk about the company's plans he said Petrobras was in the "very early stages" of considering the Venezuelan pipeline.

Other potential joint ventures included offshore exploration in Turkish waters and projects in Asia.