PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 16.Jan.2025) — Refinería de Cartagena S.A.S. (Reficar) was notified of a decision issued by the Court of the Southern District of New York, which ended a long legal process with Chicago Bridge & Iron Company N.V., CB&I UK Limited.
The decision denies the request presented by Chicago Bridge & Iron Company N.V., CB&I UK Limited to vacate the arbitration award dated 2 Jun. 2023 in relation to the engineering, procurement, and construction (EPC) contract executed between Reficar and CB&I for the expansion and modernization of the refinery located in Cartagena, Colombia.
The decision resolves the disputes between Reficar and Chicago Bridge & Iron Company N.V., CB&I UK Limited and CBI Colombiana S.A. (collectively CB&I), Ecopetrol announced 16 Jan. 2025 in an official statement.
Consequently, the arbitration award in question is confirmed in its entirety, Ecopetrol said.
“With this judicial decision and the previous decision of the Court of the Netherlands dated on 21 Mar. 2024, regarding the approval of the alternative financial restructuring plan of Chicago Bridge & Iron Company N.V., Reficar ends a long legal process through which it was able to defend its own interests and those of its direct and indirect shareholders, including the Republic of Colombia,” Ecopetrol said.
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
