April 5, 2005
Brazil shipyards eye building of Venezuelan PDVSA 40 ships

(Latin America News Digest) - "Brazil is joining the competition for the building of some 40 ships to be ordered by PDV Marina, the maritime transportation unit of Venezuelan state oil giant Petróleos de Venezuela (PDVSA).

A Brazilian mission including representatives of shipyards, federal oil company Petroleo Brasileiro (Petrobras), the National Social and Development Bank (BNDES) and the Mines and Energy Ministry met in Caracas with local industries and PDVSA.

The renovation of PDV Marina's fleet could become an opportunity for the Brazilian shipbuilding industry to start exporting products.

Sergio Bacci, development secretary at Brazil's Transports Ministry, said the Merchant Navy Fund (FMM), the main source of financing of the Brazilian shipbuilding industry, could finance the building of ships for exports.

Bacci said the FMM's budget for 2005 was 1.0 bln Brazilian reais ($380 mln/296 mln euro), an amount that had to be added to 2.5 bln reais ($949 mln/740 mln euro) held by the National Treasury. The latter sum is referring to additional tax collection on freights and return from FMM loans.