PDVSA to build shipyard

Venezuela’s state-owned Petroleos de Venezuela (PDVSA) has signed a letter of intent with Brazilian construction company Andrade Gutierrez to build a shipyard in Venezuela in order to strengthen the maritime transportation system. Construction of the shipyard will begin in 2007 with ship building commencing in 2009. PDVSA plans to build 42 oil tankers by 2012 but the company did not specifically state how many of these would be built by the new yard.

In a press release from the company, PDV Marina president Asdr?bal Ch?vez explained.

The project “will minimize our dependence on international transportation of hydrocarbons, with continued fluctuating prices.” PDVSA expects the new tankers will boost the amount of oil it exports with its own tankers to 45% by 2012 from 12% today and expects to increase production to 5.8 million barrels a day in 2012, up from 3.3 million today.