Brazil's oil and gas company Petrobras signed Friday an agreement with Russia's Gazprom to boost cooperation on oil and gas projects.

According to a Petrobras press statement, the agreement spoke of possible partnerships in natural gas liquidation, storage and transportation.

The two sides are set to cooperate with each other until 2008, and are expected to work in partnership until 2007, especially in the area of liquefied natural gas (LNG), said the statement.

Directors from the two companies met at Petrobras headquarters in Rio de Janeiro to sign the agreement.

The meeting was the third since cooperation talks started last year.

Source: Xinhua