Venezuela’s national energy company, Petroleos de Venezuela, S.A. (PdVSA) announced in May 2006 that it had signed a $1.3 billion agreement with China State Shipbuilding Corporation and China Shipbuilding Industry Corporation to purchase 18 oil tankers from China. Currently, Venezuela claims that 15 percent of its petroleum and related products are exported to China, and hopes the percentage will increase to 45 percent by 2012.