EC - Ecopetrol refinery awarded more than $1B in arbitration
2023-06-08 10:58:24 ET
Ecopetrol ( NYSE: EC ) said Thursday the International Chamber of Commerce ordered a group of contractors to pay more than $1B to its Reficar refinery in Colombia in a favorable arbitration ruling .
Reficar sought arbitration in 2016, accusing the consortium of doubling construction costs during the renovation of the refinery and failings in the engineering, procurement and construction contract.
"The unanimous decision of the arbitration tribunal confirmed contractor CB&I was responsible for breaching its obligations under the EPC contract," Ecopetrol ( EC ) said.
The refinery can process as much as 200K bbl/day, making it the second largest facility in Colombia.
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Ecopetrol refinery awarded more than $1B in arbitration