MCDIF

Ecopetrol's Reficar wins court judgment in long-running dispute with McDermott

Adds details on contractual dispute in paragraphs 3-6

BOGOTA, March 21 (Reuters) - Colombia's Ecopetrol said on Thursday its Reficar oil refinery was awarded 19.9% of the common capital in U.S. infrastructure firm McDermott MCDIF.PK in preferential shares by a judge in Amsterdam.

The Reficar refinery is located in the Colombian city of Cartagena, and has been the subject of a prolonged international dispute dating back to the facility's renovation.

In 2016, Reficar sought arbitration with McDermott subsidiary CB&I, accusing it of doubling construction costs during the renovation as well as failings in the engineering, procurement and construction contract.

Last September, Reficar asked a U.S. federal judge to freeze certain assets of CB&I after the International Chamber of Commerce (ICC) earlier in 2023 ordered CB&I to pay more than $1 billion to Reficar, after a judge ruled in the refinery's favor in the long-running contractual dispute.

Reficar had previously accused McDermott of attempting to eliminate what it owed to the refinery belonging to Colombia's majority state-owned oil company by seeking to restructure certain liabilities in courts in both Britain and the Netherlands.

McDermott did not immediately respond to a Reuters request for comment.

(Reporting by Oliver Griffin; Additional reporting by David Alire Garcia; Editing by Tom Hogue and Rashmi Aich)

((david.aliregarcia@thomsonreuters.com; +52 55 5282 7151; Reuters Messaging: david.aliregarcia.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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