Maire Tecnimont bags Cronus’ fertilizer plant contract in US

Maire Tecnimont bags Cronus’ fertilizer plant contract in US

10:25 AM, 1st December 2014
Maire Tecnimont bags Cronus’ fertilizer plant contract in US

MILAN, ITALY: Maire Tecnimont SpA announced that its main subsidiary Tecnimont SpA has signed a Memorandum of Understanding with Cronus Chemicals, LLC which will be converted into an Engineering, Procurement, and Construction (EPC) contract to build an ammonia and urea plant located in Tuscola, Illinois, US.

Maire Tecnimont will book the project upon financial closing. The value of the EPC activities to be executed by Tecnimont through one of its subsidiaries shall be of approximately $1.5 billion, subject to detailed definition of the contract’s terms and conditions.

The project shall consist of an ammonia and urea plant with a production capacity of 2200 metric tonne per day of ammonia, 3850 metric tonne per day of urea, as well as the equipment necessary to produce diesel exhaust fluid. The plant intends to use KBR’s technology for ammonia and Stamicarbon’s – Maire Tecnimont Group’s licensing and IP centre – for urea.

Tecnimont will partner with strategic US construction players to execute the project. Project completion is expected to occur within 37 months after the EPC contract enters into force. With this agreement Maire Tecnimont Group further expands its activities in North America, and confirms its distinctive capabilities in managing large complex turnkey contracts, as well as in leveraging synergies among its main subsidiaries.

“We are keeping pace with the fertilizer industry, widening our presence in strong prospects markets where our technology-driven expertise is most needed. We are delighted to work for Cronus, with whom we share an entrepreneurial approach to the promising US fertilizer industry.  This agreement is sound proof of the Maire Tecnimont Group’s ability to envisage and develop on a fast track basis strategic industrial initiatives starting right from the beginning of the project development phase, while tailoring them to the Clients’ specific needs,” said Pierroberto Folgiero, Chief Executive Officer, Maire Tecnimont.

 

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