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