Fluor Corp. (NYSE: FLR) says that its ICA Fluor industrial engineering-construction joint venture with Empresas ICA, SAB de CV (BMV and NYSE: ICA) has signed a contract with Pemex Refinación for the construction of a delayed coker unit that will be installed at the Miguel Hidalgo Refinery in Tula, Hidalgo, Mexico. The total contract value is $1.3 billion, and Fluor will book its $650 million share of the contract in the fourth quarter of 2014.
ICA Fluor was awarded a contract for Phase I of the residue recovery project for the Miguel Hidalgo Refinery in 2013. This Phase II contract involves providing detailed engineering, procurement and construction (EPC) services for the 86,000-barrels-per-day capacity plant. It is the first package to be converted to the EPC stage under the open book established in the Phase I contract. The mechanical completion of the project is scheduled for the second quarter of 2018.