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Japan firms to invest in Brazilian shipbuilder

23 october 2013, 11:08
0
©Reuters/China Daily
©Reuters/China Daily
A Japanese consortium on Tuesday said it would buy a 30 percent stake in a Brazilian shipbuilder as its eyes the lucrative market for resource-exploration vessels, AFP reports.

The deal, reportedly worth about 30 billion yen ($305 million), would see five firms including Japan's Imabari Shipbuilding and Mitsubishi Heavy Industries invest in Brazil's Ecovix-Engevix Construcoes Oceanicas S/A, which has more than 5,000 employees.

"The initiative marks the first investment by a Japanese consortium consisting of shipbuilding companies and a trading company into a Brazilian shipbuilder," according to a press statement issued Tuesday.

Rich oil reserves have recently been found in waters off Brazil, marking what the statement described as "the largest oil discovery of the last decades".

"Brazil is expecting to achieve not only self-sufficiency but also to be a significant oil exporter in the next years. Thus, the exploration of and production out of these reserves are an important part of Brazilian plans for the next two decades," it said.

"The country is also seeing increased demand for ships and marine structures of all kinds, including drill ships."

No financial details were released Tuesday. But Japan's leading Nikkei business daily has reported the investment would be worth as much as 30 billion yen.

The other Japanese firms in the consortium are trading house Mitsubishi Corp., Namura Shipbuilding and Oshima Shipbuilding.

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