(RTTNews) - Tuesday, Chicago Bridge & Iron Co. or CB&I (CBI: News ) said it received a contract worth more than US$ 1.4 billion from Refineria de Cartagena S.A. or REFICAR of Ecopetrol SA (EC: News ) in Columbia, for a new refinery with a projected capacity of 165 thousand barrels per day.

As per the agreement, CB&I will undertake the engineering, procurement services and construction of the refinery located near REFICAR's refinery in Cartagena, Colombia. CB&I would also revamp the existing 80,000 barrel per day refinery. The overall project, scheduled for completion in 2012, will help REFICAR to produce clean, ultra-low sulfur gasoline and diesel from heavy crude.

CB&I agreed to provide project management, engineering, procurement services and construction for the new refinery, including crude and vacuum distillation, fluid catalytic cracker naphtha hydrotreater, diesel hydrotreater, hydrocracker, hydrogen plant, sulfur plant, delayed coker, HF Alkylation, C4 Isomerization, power generation, offsites and utilities.
CB&I said it will execute the engineering and procurement out of its Houston office, with resource support from its other global technical centers.

CBI is currently trading at $20.04, down $0.29, on the NYSE.

To receive FREE breaking news email alerts for Chicago Bridge & Iron Company N.V. and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com