Brazil interested in long-term purchases of Russian LNG to produce fertilizer -Reshetnikov

BRASILIA. May 26 (Interfax) - Brazil is interested in buying Russian oil products, as well as liquefied natural gas (LNG), because it wants to produce its own fertilizers, Economic Development Minister Maxim Reshetnikov told reporters after a meeting of the Russian-Brazilian intergovernmental commission in Brasilia.

"Recently our trade [with Brazil] is also being enriched with shipments of oil products here. Particularly in the current situation, of course, many countries are looking for new supply sources, and Russia is a reliable supplier in this regard," Reshetnikov said.

Negotiations are now underway between companies on LNG supplies, since Russia already has substantial capacity and there are plans to launch new capacity, he said.

"It's very important that these volumes be contracted. They will be contracted in any case, but spot supplies are one thing and long-term supplies that create confidence, not only for the producer but also the customer, are another, considering events that periodically occur and how volatile prices are on the spot market," Reshetnikov said.

"They [Brazil] need guaranteed, predictable, clear supplies. These negotiations are certainly entering the substantive stage. Brazil is interested, a concrete agenda, concrete issues. Of course, we still have to exert a fair amount of effort to turn this whole business into a contract," Reshetnikov said.