Technip awarded services contract for Petrocarabobo upgrader

Monday, April 2, 2012

French-based supplier Technip (NYSE: TEC) has been awarded a lump sum contract for the basic, front-end engineering design and the first phase of project management consultancy services for the Petrocarabobo upgrader in Venezuela, Technip said in a statement.

The upgrader, to be built in the Orinoco heavy oil belt, will have a capacity of 200,000b/d.

Technip's operating center in Rome, Italy, will execute the contract in collaboration with the engineering and construction subsidiary of Venezuela's state oil company PDVSA, according to the statement. The contract activities are scheduled to be completed by the first half of 2014.

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Petrocarabobo is a joint venture formed by PDVSA (60%) and other minority business partners (Repsol, Petronas and ONGC).