Tecnicas Reunidas wins EPC contract

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Tecnicas Reunidas wins EPC contract

Argex Titanium Inc. an emerging producer of high-grade titanium dioxide (TiO2) used as white pigment in paint, plastic, paper, cosmetics and other applications, announced today that its newly formed, wholly-owned subsidiary, Argex Canada Inc. has awarded an EPC Contract to the Tecnicas Reunidas Group for Argex’s first industrial scale 50,000 tonne per annum Titanium Dioxide (TiO2) plant, which will be located in Salaberry-de-Valleyfield, Canada.

The EPC Contract will be performed in two phases. The first phase is the front end engineering design completion (FEED/FEL3) work and the second phase will be for the Detailed Design and Construction portion of the Project. The FEED/FEL3 will be undertaken at TR’s headquarters in Madrid based on Argex’s basic design process package for an expected cost of USD 10 million.

The work on the FEED/FEL3 will only commence upon the issuance of a Limited Notice to Proceed (“LNTP”) to be issued once Argex receives the financing for the FEED/FEL3. If such LNTP is not issued by Argex Canada by June 29, 2015, TR may elect to terminate the EPC Contract. Upon completion of the FEED/FEL3, the parties will agree on a guaranteed target contract price (“GTCP”) for the Construction portion of the work

The GTCP will be based on a 50/50 shared cost savings/overrun approach between Argex Canada and TR. The GTCP’s expected value will be determined during the Initial Period but the overall value of the EPC Contract (including the FEED/FEL3 portion) is currently estimated at approximately USD 200 million.

“The finalization of the EPC Contract represents an important step in the realization of our Project,” stated Richard Poulin, Executive Vice President of Argex, “Tecnicas Reunidas’ deep experience in similar projects and TR’s know-how acquired from its own in-house solvent extraction technology facility represent an important value-added to the construction of our Valleyfield facility.

” The Tecnicas Reunidas Group is an international general contractor, engaging in the engineering, design and construction of various types of industrial facilities for a broad spectrum of customers throughout the world, including many of the principal national oil companies as well as several multinational companies. Most of TR’s business is concentrated on large turnkey industrial projects, although they also provide engineering, management, start-up and operating services for industrial plants. Since 1960, the TR group of companies has designed and built more than 1000 industrial plants worldwide.

Source: Your Project News

Link: http://tinyurl.com/o676n2z

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.