The total installed cost of the project is expected to be about €350m ($455m), of which Fluor booked $400m (£282m) in the fourth quarter 2008.
Fluor began the front-end engineering and design (FEED) work in October 2007.
‘Our up-front project work in the FEED stage has led us to the EPC stage of this important refinery conversion project,’ said David Zelinski, senior vice president, Fluor’s Energy & Chemicals Group. ‘We expect to integrate our regional knowledge and expertise by teaming up with local Portuguese contractors.’
The Porto Refinery Conversion project, when completed, is expected to produce 2.5 million tonnes per year of diesel, petrol and kerosene fuels.
The completed refinery is expected to meet European environmental regulations, will increase the utilisation rate of the existing refineries and will be capable of processing heavier crude oil.