A subsidiary of Maire Tecnimont, in consortium with Performance Contractors, has been awarded a reimbursable contract by Exxon Mobil for the initial activities related to the front end engineering design, early execution studies and early procurement activities for new process units and the associated offsites and utilities for a Petrochemical complex in the US.
Milan/Italy — Due to the reimbursable formula of remuneration for the contract, in accordance with the applicable international accounting standards, the impact on the backlog and revenues will be related to the value of the services rendered for the engineering and procurement activities, thus excluding the face value of equipment and materials.
Tecnimont is the leader of the consortium, due to its consolidated expertise in the petrochemical sector and its worldwide experience in the implementation of polyolefin plants. Performance Contractors is a seasoned US-based General Industrial Contractor in the chemical, petrochemical and other industrial sectors, with a strong track record in the US Gulf Coast area and a long history with Exxon Mobil.
The scope of the initial activities is worth about $ 230 million (out of which about $ 190 million pertain to Tecnimont). The final investment decision with respect to construction of the petrochemical complex is expected to be made in the first quarter of 2019.