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Brazil and Japan collaborate on oil project

BRASÍLIA (BDCi) – Japanese Prime Minister Shinzo Abe and Brazilian President Dilma Rousseff will meet on August 1 to announce the launch of a logistics hub for a huge offshore oil development project.

The proposed massive floating structure is about 1,000 feet long and 330 feet wide and the project as a whole is expected to cost $197 billion.

Brazil’s government-affiliated oil company Petrobras hopes to begin production at the oil field by 2020, estimated to contain over 50 billion barrels worth of oil reserves.

The leaders will also announce a new program aimed at upgrading Brazil’s shipbuilding industry with the help of training from Japanese experts, as vessels are needed for deep-sea drilling and transporting personnel and equipment.

Abe is scheduled to leave for a Central and South America tour this Friday (25).

By: Diego Díaz Source: Yahoo News Photo: Google 22 July 2014

09:35 a.m. P.D.T

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