Venezuela has signed an agreement with Russia to purchase ten Aframax crude tankers for $700m.

Russia’s state-owned United Shipbuilding Company said of the ten tankers, three will be built at Daewoo Shipbuilding & Marine Engineering’s shipyards in South Korea.

Three others will be built in Russia with the help of Daewoo, while the remaining will be constructed at a Russian shipyard.

The USC-Daewoo joint venture, Zvezda DSME, will also help build a special wharf to produce the tankers between 2012 and 2015.

The tankers are scheduled for delivery by 2016, according to