Venezuela and Brazil to Build Panamax Ships

Venezuela's State oil company, PDVSA, said it has signed a deal with Brazilian industrial conglomerates Eisa and Maua Jurong to build ten oil tankers in Venezuela. The joint venture will produce at least eight Panamax tankers, the largest type of vessel capable of navigating the present locks of the Panama Canal.

PDVSA plans to increase its total fleet to 42 ships by 2012, the company statement said. President Hugo Chavez has been working to forge stronger ties with Brazilian companies while reducing Venezuela's dependence on the United States as its top buyer by trying to find new markets in Latin America and Asia. Source: Panama Bulletin