IAHL Corporation said that its unit, Altenesol, has finalized the contract with AMCS Corporation for a lump sum turnkey equipment procurement and construction for Nataly 1 LNG plant in El Viajano , Colombia.
This milestone defines the entire construction process identifying key aspects which will trigger the draw down process against construction funding, the company said in a statement.
The contract covers project timetables, insurance liabilities, contingencies and remedies for potential problems as well as penalties and rewards for timely execution.
Estimated revenue from the project is valued at approximately $1.6 billion over the 15-year term.