Argex Titanium Awards Tecnicas Reunidas EPC Contract

Source: www.gulfoilandgas.com 3/4/2015, Location: North America

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 that its newly formed, wholly-owned subsidiary, Argex Canada Inc. (Argex Canada), has awarded an Engineering, Procurement and Construction contract (the “EPC Contract”) to the Tecnicas Reunidas Group (TR) 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 Project).

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. ”


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Related Categories: Civil Works  Civil Works - Finishing works  Construction Contractors  Electrical Works  Engineering Procurement and Construction (EPC)  Engineering Procurement and Construction Management (EPCM)  General  Mechanical Works  Pipe Lines Installations  Steel Works 

Related Articles: Civil Works  Civil Works - Finishing works  Construction Contractors  Electrical Works  Engineering Procurement and Construction (EPC)  Engineering Procurement and Construction Management (EPCM)  General  Mechanical Works  Pipe Lines Installations  Steel Works 


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