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MEXICO CITY, Sept. 24, 2013 (GLOBE NEWSWIRE) -- ICA Fluor, the industrial construction joint venture of Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA) and Fluor Corporation (NYSE:FLR), was awarded an additional new US$95 million contract by Pemex to develop the first phase of the overall project to reconfigure the Miguel Hidalgo Refinery, located in Tula, Hidalgo, Mexico.
ICA Fluor will be responsible for the basic and detailed engineering for the process plants, auxiliary services and integration works required to increase the refinery's distillate production capacity from 63 to 80 percent.
This is the first phase of a mega-project announced by Pemex to increase national production of higher value distillates through the reprocessing of products such as gasoil (diesel). Pemex expects its total investment to be approximately US$3.5 billion.
"This project is a major step in the modernization of Mexico's oil processing facilities, and we are proud to be in the position to support Pemex with Mexico-based engineering to advance the key goals set forth in their strategic plan," said Juan Carlos Santos Fernández, director general of ICA Fluor.
This press release may contain projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA's businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA's most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.
ICA Fluor is the leading industrial engineering-construction company in Mexico, dedicated to the engineering, procurement, construction and maintenance of industrial facilities in the oil and gas, chemical, petrochemical, automotive, power, mining, and telecommunication industries.