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Aker Promar to invest US$100m in Rio Grande shipyard

Bnamericas
Aker Promar confirmed with Rio Grande do Sul governor Germano Rigotto late Tuesday afternoon that it will invest US$100mn in building a shipyard at the Brazilian state's Rio Grande port. Aker Promar is a subsidiary of Norway's Aker Yards. The shipyard will build large vessels of up to 350 meters in length and oil exploration platforms, according to the Rio Grande do Sul state government. Preparation work will begin in September, with work beginning in earnest at end-2005. The project was motivated by US$33bn in increased investments planned for oil and natural gas exploration by Brazil's federally owned energy company Petrobras over the next seven years. Of this total, US$27bn is to be invested in the construction of new platforms. by Sandra Hahn

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