Construction at Reficar expansion to begin mid-year

Wednesday, February 24, 2010

Texas-based energy EPC company CB&I (NYSE: CBI) will begin construction work at the Refinería de Cartagena (Reficar) expansion project in Colombia in mid-2010, according to CB&I COO Lasse Petterson.

"The field work is complete, the detailed engineering is underway and we have begun side preparation work," Petterson said in a conference call. "We expect permanent construction work at the site to begin around mid-year."

At the end of last year, CB&I was awarded a US$1.4bn contract by Reficar, a subsidiary of Colombia's state oil company Ecopetrol (NYSE: EC), for the engineering, procurement services and construction of a new refinery.

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The new complex, adjacent to Reficar's current refinery in Cartagena, will have capacity of 165,000b/d.

The contract also includes revamping the existing 80,000b/d refinery.

The project is scheduled for completion in 2012.