Mexico's Pemex Awards ICA Fluor Daniel $135 Million Refinery Contract
16 February 2012 - 8:50AM
Dow Jones News
Mexico's state-owned oil company Petroleos Mexicanos, or Pemex,
said Wednesday it awarded a $135 million contract for engineering
and management services to ICA Fluor Daniel for the first phase of
a new refinery to be built near a current one in Tula, Hidalgo
state.
ICA Fluor Daniel is an industrial engineering firm jointly owned
by Mexico's Empresas ICA SAB (ICA, ICA.MX) and Fluor Corp.
(FLR).
Pemex said in a statement that the percentage of national
content was among its criteria in determining the winner of the
bid. "It's important to note that this work will be done with 63%
national content, with which Pemex is supporting the development of
Mexican engineering," the oil monopoly said. The contract to ICA
Fluor Daniel and its partner companies will last 421 days, Pemex
said, and go into effect March 12.
The other three bidders included consortiums led by Technip SA
(TKPPY, TEC.FR), Foster Wheeler AG (FWLT) and KBR Inc. (KBR), Pemex
said.
A year ago, Pemex awarded a $7.5 million contract for the
construction of a perimeter wall for the $10 billion refinery,
which is slated to start up by 2016. Mexico is a major importer of
gasoline, diesel and other fuels, much of which comes from the
U.S., as Pemex's six current refineries fail to keep up with rising
domestic demand.
Empresas ICA shares traded on the local stock exchange were
recently 3.1% higher to 23.04 pesos ($1.79) amid a mixed broader
market.
-By Laurence Iliff, Dow Jones Newswires; (52-55) 5980-5184;
laurence.iliff@dowjones.com
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