Page 42 - 62

proposed by the new lenders. This included a detailed
report with technical and financial information in order
Techint’s Profile to get the approval of the new lenders’ Credit
Committees. An interdisciplinary team had various
Compagnia Tecnica Internazionale - soon named TECHINT after the sessions with around 10 banks that would ultimately
original telex code - was founded in Italy as an international corporation
in 1945. The founder, Agostino Rocca, was an innovative engineer, fund the continuation of the project to explain the
manager and entrepreneur, and a key force behind the development proposed plan to restart construction. “Our team had
of the Italian steel industry in the 1930s. to explain every detail of Techint’s takeover plan, as well
The company began providing engineering services to a growing as its financial strength to back it up”, explains Techint
number of clients in Latin America - to where Agostino Rocca had Finance and Treasury Manager, Juan Martín
traveled after World War II - and Europe.
In a few years Techint E&C grew in terms of strength and experience Quihillaborda.
to become a recognized player in many sectors: oil & gas, upstream, The lenders were not the only ones being overly
midstream and downstream, mining, power, industrial plants and cautious. For all of the stakeholders involved, Norte III
infrastructures. was a source of concern and frustration. Spread over
Techint E&C professionals from all around the world are committed the United States, Europe and Japan, the project’s
to developing timely and competitive solutions to complex project
requirements, complying with the highest industry safety and quality main suppliers and contractors, which included the
standards, while protecting the environment and promoting the likes of General Electric and Toshiba, had lost
development of local communities. considerable time and money and were not amenable
Milan Techint E&C specialized engineering center offers high added- to further concessions.
value services in areas where it has significant experience, such In a race against the clock in February 2017, Techint
as oil & gas, in particular LNG regasification, refining, power, and
hospitals. Over the last years it has expanded its range of services executives toured Frankfurt, Brussels and Tokyo to
to include environmental consultancy, green technology solutions, define the commercial terms with the critical suppliers
applied innovation technologies, asset management and optimization and bring them on board. At the same time, Techint’s
solutions, in line with the Company’s specific strategy of offering its legal team finalized the project’s major agreements on
customers a unique value proposition.
The Milan office utilizes cutting-edge project design software and plant construction, the concession with Mexican
simulation tools, in particular for dynamic process simulation, BIM authorities, partnership with Macquarie Capital and
(Building Information Modeling) applications for civil and infrastructure loans with the banks.
design, as well as many others specialist techniques. “Techint’s reputation played in our favor during the
negotiations,” notes Moscosa. “The suppliers’ main
concern was that they were not being paid – and
Techint is well known for always meeting its obligations.”
exactly what we would find in there”. On July 13, 2017, just over a year after Techint
The process required an extremely thorough analysis of mobilized its team, CFE’s Board of Directors approved
the terms and conditions of Techint’s EPC contract as the change of guard for the Norte III project from
well as the new terms of the long-term financing Abengoa to the Macquarie-Techint consortium. On

IndustrIal Plants - May 2018
38