Monday, May 10, 2010

Brazil launches first oil tanker

Brazil launched the first of 10 domestically built oil tankers it will use to boost its trade in oil and give new life to its shipbuilding industry.

The 274m long vessel, named the Jaoa Candido, cost $120 million and can transport a million barrels of crude, around half the daily output of Brazilian state oil company Petrobras.

Brazil is sitting on 14 billion barrels of proven reserves of crude oil and expects to more than triple that with recent offshore finds, propelling it into the ranks of major oil exporters. In 2009, the country had daily oil output of 2.5 million barrels.

The new tanker is one of 49 Brazil intends to build under a national development program for its shipyards that have gone into decline since the 1970s.

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