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Thursday, October 14, 2010

U.K. in the race to sell Brazil warships

Luiz Inácio Lula da SilvaBritain is in the race to sell Brazil naval vessels, including warships, but is having to compete against EU partners France and Italy.

Brazil, awash with cash from booming exports, is pushing its military regeneration to a new level to keep up to speed with increased coastal defense requirements because of offshore hydrocarbon exploration and production.

Brazil expects to spend more than $200 billion on developing its newly found hydrocarbon resources, several them in deep water well away from the shore, and the government has concluded that such investment warrants commensurate defense spending.

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