Portugal: Porto Refinery Conversion project

Fluor Corp. has been awarded an engineering, procurement and construction (EPC) contract for Galp Energia’s Porto Refinery Conversion project in Portugal. Fluor began the front-end engineering and design (FEED) work in October 2007, which included conceptual engineering, front-end loading and early procurement of key equipment. The total installed cost of the project is expected to be about USD 455 million of which Fluor booked USD 400 million in the fourth quarter 2008. The Porto Refinery Conversion Project, when completed, is expected to produce 2.5 million tons per year of diesel, gasoline and kerosene fuels. The completed refinery will meet the most up-to-date European environmental regulations, and will increase the utilization rate of the existing refineries and will be capable of processing heavier crude oil. Project completion is expected sometime in the fourth quarter of 2010.
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