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Italy : Maire Tecnimont expands its fertilizer business in the USA with cronus chemicals' Illinois plant
Publish Date : 03-Dec-2014
Maire Tecnimont S.p.A. (“MET”) announces that its main subsidiary Tecnimont S.p.A. (“Tecnimont”) has signed a Memorandum of Understanding with Cronus Chemicals, LLC (“Cronus”) which will be converted into an EPC contract to build an ammonia and urea plant located in Tuscola, Illinois. Headquartered in Chicago, Cronus is a company led by industry veterans with decades of experience in the development, manufacturing and marketing of fertilizer products. Cronus is developing a major Nitrogen fertilizer plant near Tuscola, Illinois. MET will book the project upon financial closing. The value of the Engineering, Procurement, and Construction (“EPC”) activities to be executed by Tecnimont through one of its subsidiaries shall be of approximately USD1.5 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 mtpd (metric tons per day) of ammonia, 3850 mtpd of urea, as well as the equipment necessary to produce DEF (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.
