Petrobras Unit to Spend $1.2B on Tankers

The transportation unit of Brazil’s state oil company Petrobras said Wednesday that it will pay US$1.2 billion (euro925 million) to build 10 oil tankers.

Brazil’s National Development Bank will finance the shipbuilding project with 2.47 billion reals (US$1.16 million; euro895 million), the press office of Brazilian President Luiz Inacio Lula da Silva said in a statement earlier Wednesday.