Order placed with China for fleet of 18 oil tankers

Petroleos de Venezuela SA said it will buy 18 oil tankers from China for $1.3 billion (U.S.) as South America’s largest oil firm seeks to boost exports to Asia. Orders for the tankers were placed with China State Shipbuilding Corp., and China Shipbuilding Industry Corp., a Petroleos de Venezuela spokesman said. A timetable wasn’t provided for deliveries.