Chicago Bridge & Iron Co. N.V., through its subsidiary CBI Venezolana S.A., has been awarded three separate contracts valued in excess of US$75 million to construct tankage for downstream and upstream components of the Hamaca Heavy Oil Project in Venezuela.
CBI Venezolana has been operating in Venezuela for more than 50 years and will perform all fabrication and construction work on these contracts using essentially all Venezuelan labor.
The Hamaca Project, with a total estimated value of US$3.5 billion, will transport heavy crude from Venezuela's Orinoco Belt to an upgrading plant to be constructed at the Caribbean coastal city of Jose. Here the crude will be upgraded into high value oil for export.
The Hamaca Project is a co-venture among Petroleos de Venezuela S.A. (30 percent), Phillips Petroleum Company (40 percent) and Texaco Inc. (30 percent). The companies manage their interests through a joint operating company called Petrolera Ameriven.
© 2001 Mena Report (www.menareport.com)