Duro Felguera is already suffering the consequences of having requested pre-bankruptcy in mid-December. The decision, which served to gain time due to the complicated financial situation that the listed company is going through, has raised fears in clients for whom it is currently executing works. This is the case of the Canadian Catena Carbon Industries, which has canceled the contract for the construction of two energy plants that the Asturian company had won at the end of 2020 in the North American country.
As you have been able to know elEconomista.es, Catena Carbon communicated the decision this week to the company controlled by Grupo Prodi. The decision was made, the same voices point out, due to the pre-contest requested by Duro Felguera. TSK also participated in the project.
The contract was worth 85 million dollars (83 million euros, according to the current exchange rate) and involved the construction of a green methanol production plant and another CO2 capture plant in the province of Ontario, in southeastern Canada.
The project involved carrying out the necessary engineering to erect the plant until the key was delivered. The infrastructure works were already underway, so it is assumed that Duro Felguera would have already received part of the value of the contract.
The organization chaired by Eduardo Espinosa won the contract in September 2020, shortly after requesting a rescue of 100 million euros from Sepi. Obtaining it implied a rise in the stock market of more than 20% due to the capital injection that the agreement was going to mean for a company already in crisis.
The fronts of Duro Felguera
The front in Canada adds to the list of litigated or problematic projects that Duro Felguera has in its portfolio. The clearest is the conflict it maintains with Sonelgaz in Algeria over the Djelfa thermal power plant. A dispute for 413 million euros that is in the Chambre Algérienne de Commerce et d’Industrie (CACI, for its acronym in French). The Spanish firm has until mid-January to present its allegations.
The Jebel Ali Power Station project in Dubai is also being prosecuted, for which the Dewa group sued the company listed in its country. The claim arises for damages resulting from the termination of the contract in September 2020. In addition, in Costa Rica, Recope is demanding 87 million dollars (85 million euros).
Better luck, for the moment, has been with the work being built in the city of Iernut (Romania), a combined cycle power plant for the local company Romgaz. The deadline to finish the project was December 31, but both parties agreed to extend the contract until May 31. This is the second renegotiation of the contract.
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