Fluor Subsidiary Wins Big Contract

ICA Fluor, the industrial construction joint venture of Empresas ICA , S.A.B. de C.V. (ICA - Snapshot Report ) and Fluor Corporation (FLR - Analyst Report), announced that Mexico’s state oil company PEMEX Refining awarded the company engineering, procurement and construction contracts for two low sulfur gasoline projects in Mexico. 

The $638 million contracts are part of PEMEX’s clean fuels program and were awarded to ICA Fluor after an international competitive bidding process. Fluor will book its portion of the award in its third quarter of 2009 revenues. The project includes the installation of the catalytic gasoline desulfurization plants, the amine regeneration units, offsites, utilities and integration of existing refineries. The work is scheduled to be executed over 44 months. 

The company also announced that RasGas Company Limited has recently recognized the firm for its successful completion of the RL3 Common Offplot Projects in Ras Laffan City, Qatar. Fluor began the $1.5 billion engineering, procurement and construction management project in November 2005. 

Fluor's engineering, procurement and construction management scope for the common offplot facilities included power distribution, pipelines, storage tanks utilities and related equipment required to provide common storage and loading operations supporting numerous new LNG, gas-to-liquids and gas sales projects in Ras Laffan City. 

Fluor Corporation delivers engineering, procurement, construction, maintenance (EPCM), and project management to governments and clients in diverse industries around the world. It continues to develop and implement innovative solutions for complex project issues in diverse industries, including chemicals and petrochemicals, commercial and institutional (C&I), government services, life sciences, manufacturing, mining, oil and gas, power, renewable energy, telecommunications, and transportation infrastructure. 

Major competitors include ABB Ltd (ABB - Snapshot Report) and Foster Wheeler AG (FWLT - Analyst Report). We currently have a Neutral recommendation on FLR.

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