Fluor Corporation (NYSE: FLR) announced today that its ICA Fluor industrial engineering-construction joint venture with Empresas ICA, S.A.B. de C.V. (BMV: ICA) (NYSE: ICA) was granted an additional new $95 million contract by Pemex to develop the first period of the total project to reconfigure the Miguel Hidalgo Refinery, located in Tula, Hidalgo, Mexico. Fluor will book its $48 million share of the contract in the 3rd quarter of 2013.
ICA Fluor will undoubtedly cause the detailed and basic engineering for the process plants, integration works and auxiliary services needed to increase the refinery’s distillate production capacity from 63 to 80 percent.
This is actually the very first phase of a mega project announced by Pemex to increase national production of higher worth distillates throughout the reprocessing of goods like gasoil (diesel). Pemex anticipates its total investment to be around $3.5 billion.
“This project is a major part of the modernization of Mexico’s petroleum processing facilities, and we’re proud to be in the position to support Pemex with Mexico-based engineering to advance the vital aims set forth in their strategic plan,” said Juan Carlos Santos Fernandez, director general of ICA Fluor.