One of the biggest oil industry players in China, CNPC, received approval from the national government to build four VLCCs through China Venezuela Shipping Co. Ltd, the jv set up by CNPC and Petroleo De Venezuela S.A., according to an announcement released by the National Development and Reform Commission on Monday.

China Venezuela Shipping Co. Ltd was set up in 2008, and registered in Singapore, with the two parties each holding a 50% stake in the jv. The initial target of the company is to build four 320,000dwt VLCCs to transport the crude oil between the two countries.

Source: Sinoship