Petrobras seeks Korean firms for oil projects

Brazil`s state-run oil company Petrobras expects South Korean shipbuilders to actively participate in its $177.4 billion investment projects over the next six years, senior executives of the company said in Seoul yesterday.

During a seminar on local shipping industry hosted by the Korea Export Insurance Corp., chief financial officer Almir Barbassa expressed his interests in South Korea, home to the world`s No.1 shipbuilder Hyundai Heavy Industries. He said he hoped to see Korean builders bid for their massive offshore projects.

The Brazilian company plans to order 240 ships for oil delivery and exploration for next six years, the company said during the seminar.

Korea is home to the world`s four biggest shipyards and dominates the market for drillships and other types of energy-related vessels.

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Barbassa yesterday met top South Korean shipbuilders -- Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding and Marine Engineering and STX Shipbuilding.

In an effort to help Korean builders to win off-shore projects, the state-run Korea Export Insurance Corp. said it would- support them through mid-and long-term export insurance programs if they win orders from the Brazilian oil company.

The Brazilian oil company will discuss at least $25 billion worth of offshore projects with Korean shipyards, Reuters reported on Friday quoting comments from unidentified sources.

"At stake are vessel orders worth $25-$30 billion in total, of which $15 billion would be for drill ships and semi-submersibles to be awarded this year," Reuter added.

By Cho Chung-un



(christory@heraldm.com)