Mitsui, Mitsui O.S.K. Lines (MOL) and Marubeni plan to invest into Modec’s long-term business plan to build a floating production, storage and offloading oil development off the coast of Brazil.
Mitsui, MOL and Marubeni say they will invest in the Dutch company founded by Modec, Cernambi Sul, which has signed a deal with Petrobras, BG and Galp Energia for the project.
As the first phase of the development, a VLCC will be converted and deployed to the area which will help to block off the coast of Brazil and create grounds for the project.
It is expected the storage will be ready by the third quarter of 2014, in an area that is within a deepwater oil field situated around 300km south of Rio de Janeiro.