(Ecopetrol, 8.Jun.2023) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that the International Chamber of Commerce decided in favor of Refinería de Cartagena S.A.S (Reficar), a subsidiary company of Ecopetrol, in the framework of an arbitration proceeding against Chicago Bridge & Iron Company N.V., CB&I (UK) Limited and CBI Colombiana S.A. (collectively “CB&I”), in connection with the arbitration proceedings against Chicago Bridge & Iron Company N.V., CB&I (UK) Limited and CBI Colombiana S.A. (collectively “CB&I”), in connection with the execution and performance of the EPC Contract (Engineering, Procurement, and Construction Contract) entered into between the two companies for the expansion and modernization of the refinery located in the city of Cartagena.
The arbitration process was initiated through a request filed by Reficar in March 2016 as a result of CB&I’s conduct in the planning and execution of the EPC Contract.
The unanimous decision of this Arbitral Tribunal confirmed the liability of the contractor CB&I for breaching its obligations under the EPC Contract.
The Arbitral Tribunal sentenced CB&I to the payment of more than $1bn in favor of Reficar plus the interests caused since December 31, 2015. Additionally, the tribunal dismissed CB&I’s claims for approximately $400mn and ordered the liquidation of the EPC Contract, as requested by Reficar.
____________________
