Brazil's Petrobas to build oil vessels in China

Brazil’s state-owned energy firm Petroleo Brasileiro (PBR.NYSE, also called Petrobras) has chosen China rather than Brazil as the construction site for four oil production vessels, The Wall Street Journal reported. The work will start in China but be completed in Brazil, the firm said. Petrobus switched to using Chinese shipyards on concerns that domestic yards would not finish the construction in time. Despite the shift, the firm said that the work in China accounts for less than 3% of the contract value, and that it would meet Brazilian requirements for use of domestic goods and services.