Partnerships
Fluor Signs MOU With Inelectra to Support Venezuela Energy Projects
By News Desk ·
Key takeaways
- Fluor signed a memorandum of understanding with Venezuela-based Inelectra covering energy, petrochemical and industrial projects.
- The two companies' Hamaca Crude Upgrader joint venture, completed in 2004, was capable of producing up to 190,000 barrels of extra-heavy crude oil per day.
- Fluor has completed more than 40 capital projects in Venezuela since 1982 across upstream, downstream, petrochemical and power sectors.
Fluor Corporation signed a memorandum of understanding with Inelectra, a Venezuela-based engineering, procurement and construction management company, to support existing and future clients in Venezuela's energy, petrochemical and industrial sectors. Business Wire reported the agreement on November 4, 2026.
What the Inelectra Memorandum Covers
Fluor said it will combine its global engineering, procurement, construction and project management expertise with Inelectra's nearly 60 years of local market knowledge, established relationships and execution capabilities. The company said it intends to create a locally anchored platform for project execution with its Venezuelan partner.
"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."
The two companies previously worked together through the 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 said it has completed more than 40 capital projects in Venezuela since 1982 across the upstream, downstream, petrochemical and power sectors. Inelectra, which Fluor described as Venezuela's largest engineering and construction firm, has offices in Caracas, Puerto La Cruz and Maracaibo.
Fluor's Recent Project Awards
According to akta.pro company records, Fluor's JGC Fluor BC LNG II joint venture received limited notice to proceed in June 2026 for the LNG Canada Phase 2 expansion, which doubles capacity from 14 to 28 million tonnes per annum. In March 2026, Fluor signed a limited notice to proceed with TeraWulf for a 480 MW data center in Kentucky valued at $3-4 billion. The same records show Fluor reported $16.6 billion in revenue for 2025, with an ending backlog of $25.5 billion as of early 2026.
Earlier Fluor Contract Wins
On November 2, 2026, the U.S. Navy awarded a $2.41 billion cost-plus-fixed-fee contract to Fluor Marine Propulsion for nuclear propulsion work at the Naval Nuclear Laboratory, Yahoo reported, with the work split 47% in Pittsburgh, 45% in Schenectady and 8% in Idaho Falls. On October 30, 2026, Fluor was among U.S. firms vying for Kenya's Mrima Hill critical minerals deposit after two Chinese companies withdrew, the country's mining minister said, with five tenders submitted and a final decision expected within three weeks, according to Yahoo.
Fluor's Third-Quarter Results Date
Fluor is scheduled to report third-quarter 2026 results on November 6, Yahoo reported, with a quarterly EPS estimate of 85 cents, up 25% from the prior year.