Fluor Signs MOU with Inelectra in Venezuela

Fluor intends to create a locally anchored platform for project execution with its Venezuelan partner.

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IRVING, Texas--(BUSINESS WIRE)-- Fluor Corporation (NYSE: FLR) announced today that it has signed a memorandum of understanding (MOU) with Inelectra, a Venezuela-based engineering, procurement and construction management company, to support existing and future clients across Venezuela's energy, petrochemical and industrial sectors.

Hamaca Crude Upgrader Project, a Fluor-Inelectra joint venture that developed crude upgrading facilities at the Jose Industrial Complex. When completed in 2004, the facility was capable of producing up to 190,000 barrels of extra-heavy crude oil per day.

Fluor will leverage its global engineering, procurement, construction and project management expertise with Inelectra's nearly 60 years of local market knowledge, established relationships and proven execution capabilities.

“To support the increasing investment by international energy companies in Venezuela, we intend to create a locally anchored platform capable of delivering world-class project execution while maintaining the highest standards of quality and safety,” said Pierre Bechelany, Fluor’s Business Group President of Energy Solutions. “By combining both our companies’ local and global capabilities, we will deliver critical projects that support long-term economic growth throughout Venezuela."

Fluor has a long history of delivering projects in Venezuela, having completed more than 40 capital projects since 1982 across the upstream, downstream, petrochemical and power sectors. Among the company’s flagship projects was the Hamaca Crude Upgrader, where a Fluor-Inelectra joint venture developed crude upgrading facilities at the Jose Industrial Complex. When completed in 2004, the facility was capable of producing up to 190,000 barrels of extra-heavy crude oil per day.

Inelectra is Venezuela’s largest engineering and construction firm, combining technical expertise with an integrated approach to create value for clients in the energy sector. It has offices in Caracas, Puerto La Cruz, and Maracaibo, Venezuela.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 23,500 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2025 and is ranked 292 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement, construction and maintenance services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20261104200938/en/

Brett Turner
Media Relations
864.281.6976

Jason Landkamer
Investor Relations
469.398.7222

Source: Fluor Corporation

Key Terms

memorandum of understanding technical

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

extra-heavy crude oil technical

Crude oil that is much denser and more viscous than typical crude, usually with an API gravity of roughly 10–12°API or lower and a very high viscosity that can make it immobile at ambient temperatures. It contains a larger proportion of heavy hydrocarbons, metals and asphaltenes and often higher sulfur and lower hydrogen content, so it commonly must be diluted, heated, or upgraded (through processes like coking or hydrocracking) before it can be transported by pipeline or refined into lighter fuels. The exact numerical cutoff varies by industry and regulator, so classifications sometimes overlap with "heavy crude" or natural bitumen depending on the source.