Brazil’s national development bank BNDES is providing $637 million in financing to Venezuela’s state oil company, The Wall Street Journal reports. The oil company will use the funds for the construction of an oil tanker shipyard in the country.
As a part of the deal, Brazilian construction group, Andrade Gutierrez will enter a partnership with PdVSA for building the facility. The shipyard, which will be located on the Araya Peninsula of Venezuela’s Sucre state, will produce tankers for the delivery of Venezuelan oil to the Asian market.
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