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Annual Report 2014/2015

Major challenges met with innovation

A profile for valueInnovation, technology and talent that is committed to top quality and fast results, help make inelectra the leading engineering and construction firm in Venezuela

A PROFILE FOR VALUE

CONTINUITY AND SUSTAINABILITY

SOLUTIONS FOR THE ENERGY INDUSTRY

EXPERIENCE IS OUR CAPITAL

With 46 years of experience, inelectra continues to be the leading engineering and construction firm in Venezuela, at the forefront in the development of comprehensive technical solutions that add value for its clients, collaborators and the community.

Since it was founded in 1968, the company has been fully committed to the development and future of Venezuela and its energy-producing industry, and to the training of the talent behind the country’s most important projects in this area of endeavor.

The company has both longstanding experience and the skills needed to carry out projects in Venezuela and Latin America for sectors involved in the refining and upgrading of crudes; facilities for the production of crude; gas processing and compression; transportation, distribution and storage of hydrocarbons; petrochemicals; electric-power generation and transmission; offshore facilities; basic industries; infrastructure; mass transportation and agroindustry, with more than 2,900 projects worth the equivalent of US$9.3 billion.

In the case of EPC projects, inelectra has completed a total of 48. In our experience with EPC projects we are, without a doubt, far ahead of all the engineering and construction companies in Venezuela and among the top firms in Latin America.

Our main focus is on Venezuela, where the company is involved in projects that are strategic for economic growth. Nevertheless, with its knowledge of international markets and clients, inelectra has reactivated a process of selective internationalization in Latin America.

Success in the execution of extremely complex and large-scale projects has been achieved through the efforts and training of its people, the procurement and development of execution and control technologies, and intense commercial work backed by the commitment of all those who work with the company.

inelectra is a 100% Venezuelan company that has reinvested corporate profits in its manpower and in initiatives to improve the standard of living of communities and the conservation and sustainability of the environment.

A PROFILE FOR VALUE




MISION

To create value for society as a whole, achieving our goals efficiently and effectively, through teamwork and a clear orientation towards achievement. We consistently recognize excellence among our employees. We are responsible when it comes to safety, the environment and the communities around us.

VISION

To be a leader in client satisfaction, offering engineering and construction solutions that add value for shareholders, collaborators, communities and clients, ensuring sustainability and the best possible working environment.

VALUES

At inelectra we are constantly striving for excellence, creating lasting relationships based on trust and our corporate values:• Orientation for our clients• Safety• Quality• Innovation• Transparency• Ethics

A PROFILE FOR VALUE




WHAT SETS inelectra APART

A leading engineering and construction firm in Venezuela and Latin America.

Recognized as a reliable, result-oriented company, with a high level of effectiveness and implementation of organizational strategies that produce value for collaborators, clients, allies, partners and related companies.

Impeccable financial management that leverages the implementation of each project, thus building trust and credibility.

Provider of direct jobs for more than 1,200 people, and indirect jobs for a significant number of related parties, partners, contractors and suppliers.

A firm with the infrastructure needed to execute projects of all kinds, regardless of geographical location and complexity.

An effective and proven quality-management system in place throughout the organization for implementation and ongoing improvement of the processes that contribute to client satisfaction.

Thanks to its participation in the international market, the company has been able to build an excellent reputation and join forces with the best foreign partners for works around the world.

Efficient management of procurement processes based on a thorough knowledge of the area and firm principles of transparency, thus ensuring that the company is highly competitive in the case of lump-sum projects.

With Urimán, our construction affiliate, we are able to offer direct management of construction and execution of large-scale projects, as well as consider construction requirements from the engineering stage onwards.

Impeccable financial management

leading engineering firm reliable

proven quality-management systemexcellent reputation

highly competitive

thorough knowledge

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

1974-1980

Expansion of the Tacoa Thermoelectric Plant, Units 7 and 8, Vargas state, Venezuela. Feasibility study, basic and detail engineering, procurement and construction for the installation of two 400-MW steam electric power generation units.Client: C.A. La Electricidad de Caracas

MAJOR PROJECTS TELL OUR STORY

1982-1986

SAAM – Alternate Supply to the Metropolitan Area, Miranda state, Venezuela. Construction of the Carenero and Guatire storage plants and a 16”, 66-km products pipeline for optimizing the system.Client: Lagoven/PDVSA

1983-2002

Lines 1, 2, 3 and 4, Metro de Caracas, Venezuela. Management of contracts and inspection of design, mounting, installation, start-up and testing of the control and signaling equipment for automatic protection of trains on lines 1 and 2. Management of construction of electromechanical works on lines 1, 2 and 3. Specialized technical assistance in control areas associated with line 4.Client: C.A. Metro de Caracas

1986-1989

SISOR – Eastern Fuel Supply System, Venezuela. Basic and detail engineering, procurement and construction management.Client: Corpoven/PDVSA

1986-1989

Expansion of Aluminum Plant – Line V, Bolívar state, Venezuela. Study to verify reliability of 115-kV electric power supply during review of the basic engineering for the plant’s Line V cells of the aluminum smelter.Client: Venalum

1987-1992

SUMANDES – Fuel Supply for the Andean Region, Venezuela. Review of basic engineering, detail engineering development, assistance on procurement and construction management.Client: Maraven/PDVSA

1988-1991

Polypropylene Plant, Zulia state, Venezuela. EPC for the plant located within the Zulia Petrochemical Complex, including the Process Unit, plant services and external facilities, as part of a joint venture made up of TPL, D.I.T.-Harris and inelectra.Client: Polipropileno de Venezuela (PROPILVEN)

inelectra has worked on technical solutions of value for the energy sector and is considered to be one of Latin America’s most experienced companies in this area

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

1991-1994

Expansion of the Methanol Plant – Phase I, Jose, Anzoátegui state, Venezuela. EPC for construction of a 726,000-MTY methanol production plant by the joint venture made up of Mitsubishi Heavy Industries Ltd. (MHI) and inelectra.Client: Metanoles de Oriente (METOR)

1992-1996

PARC Package D – Upgrading of the Cardón Refinery, Falcón state, Venezuela. Basic and detail engineering, procurement and construction for expansion of the refineryandupgradingoftherefiningscheme.Client: Maraven/PDVSA

1996-1997

Caracas-Tuy Medio Railroad, Capital District and Aragua state, Venezuela. Setting up a technical management team to represent FERROCAR vis-à-vis the companies entrusted with the engineering, procurement and construction of the railroad. Included approval of the engineering, coordination of inspections at factories and civil works, contract management, oversight of the project, support and advisory services until start-up.Client: FERROCAR

1996-1999

FNC-TAME Plant, Amuay Refinery, Falcón state, Venezuela. EPC for a plant to produce Ter-Amyl-Methyl-Ether (TAME).Client: Lagoven/PDVSA

1989-1992

Ethylene Oxide and Ethyl Glycol Plant, Zulia state, Venezuela. EPC for a plant with a capacity of 68,400 MTY of ethylene oxide. Including design and laying of steel pipes on land and beneath the lake to carry the ethylene-methane mix from the Zulia Petrochemical Complex to the plant at Punta Camacho.Client: Productora de Alcoholes Hidratados C.A. (PRALCA)

1991-1993

ACCRO – Expansion of Eastern Cryogenic Complex, Phase I, Anzoátegui state, Venezuela. EPC to increase NGL fractionation capacity of the Propane Refrigeration Unit. Increasing the storage capacity for pentane, natural gasoline and N-butane, for a total storage capacity of 1,950,000 barrels. Construction of the liquids extraction plant.Client: Corpoven/PDVSA

1994-1995

ACCRO – Expansion of Eastern Cryogenic Complex, Phase II, Anzoátegui state, Venezuela. Construction of a third line with a capacity of 35,000 BPD to increase the NGL fractionation capacity and a second natural gas fractionation line at the liquids extraction plant.Client: Corpoven/PDVSA

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

1997-1998

ACOGAS – Gas Conditioning Plant, Monagas state, Venezuela. EPC for changes to the plant to increase gas processing capacity from 250 million CFD to 350 million CFD, and increase production of liquids. inelectra won the “Project of the Year” prize awarded by the Project Management Institute (PMI).Client: Lagoven/PDVSA

1997-1999

Propane-Propylene Separator, Falcón state, Venezuela. EPC for the new fractionation facilities of the 704.3-ton/day separator to produce polymer grade propylene. Included other systems and services.Client: Propileno de Falcón C.A. (PROFALCA)

1998-2000

Cerro Negro Upstream, Monagas state, Venezuela. EPC for development of the Cerro Negro camp forproduction,inthefinalstage,of120,000 BPD of 8.2º API heavy crude. Client: Operadora Cerro Negro

2000-2002

Production Facilities A & B packages, Hamaca Upstream, El Tigre and Jose, Anzoátegui state, Venezuela. EPC for the productionfacilitiesandflowlines,upgrading of existing facilities.Client: Petrolera Ameriven, a strategic association of PDVSA, ChevronTexaco and ConocoPhillips

2000-2004

Hamaca Downstream Crude Upgrader Complex, Jose, Anzoátegui state, Venezuela. EPC for an upgrader to produce 180,000 BPD of upgraded crude of some 25º API.Client: Petrolera Ameriven, a strategic association of PDVSA, ChevronTexaco and ConocoPhillips

2002-2003

Termozulia Thermoelectric Plant, Western Coast of Lake Maracaibo, Zulia state, Venezuela. Detail engineering and construction management for two turbogenerators and auxiliary systems; conceptual and basic engineering for a 1,400-MW plant to supply combined cycle electric power.Client: C.A. Energía Eléctrica de Venezuela (ENELVEN)

2002-2005

Central Region railway system, Puerto Cabello-La Encrucijada stretch, Carabobo and Aragua states, Venezuela. Coordination of the studies and projects for development of the 108-km railway corridor to carry freight and passengers.Client: FERROCAR

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

2003-2006

Orimulsión® Plant, Morichal, Monagas state, Venezuela. EPC, design and construction of a plant to produce 125,000 BPD of Orimulsión® using bitumen.Client: Orifuels Sinoven S.A. (SINOVENSA)

2005-2007

HA-ZAAP-C and HA-KU-H living- quarter platforms, Campeche Bay, Gulf of Mexico, Mexico. EPC for living,quarter platforms with capacity for 220 people each.Client: PEMEX Exploración y Producción

2006-2007

Termobarrancas Thermoelectric Plant, Barinas state, Venezuela. EPC for the 230-kV plant and substation, including provisions for installation of two additional combined cycle turbogenerators.Client: Termobarrancas, subsidiary of Repsol YPF

2006-2008

Pisco Fractionation Plant, Peru. EPC for expansion of the plant capacity and storage facilities from 55,000 BPD to 85,000 BPD.Client: Pluspetrol

2006-2009

José de San Martín Thermoelectric Plant, Santa Fe, Argentina. EPC for the 800-MW combined cycle, supplementary works and services. Executed by Siemens and Construcciones Térmicas S.A., a joint venture formed by Electroingeniería and inelectra.Client: Termoeléctrica “José de San Martín”

2006-2010

Expansion of Methanol Plant – Phase II, Jose, Anzoátegui state, Venezuela. EPC for the expansion of existing units from 750,000 to 1,600,000 MTY.Client: Metanoles de Oriente (METOR)

2006-2011

CCO – Western Cryogenic Complex, Ulé, Zulia state, Venezuela. EPC for a complex with the capacity to process 950 million SCFD of associated gas.Client: PDVSA Gas

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

2007-2009

Guaire River Canal Work, Stretch 2, Caracas, Venezuela. Surveying, earthmoving to stabilize slopes, recovery of roads, reforestation and construction of a canal along a 1-km stretch.Client: People’s Power Ministry for the Environment and Natural Resources

2007-2009

Polyethylene Plants I and II, Barrancabermeja, Colombia. EPC for recovery of the service factor in plants I and II to increase hourly production at plant II.Client: Ecopetrol

2007-2009

ULSD Compliance, Lemont and Corpus Christi refineries, United States. Engineering, support for procurement and management of construction of expansion and operational improvements.Client:CITGORefining&Chemicals

2007-2009

Hydrotreatment of fuels, Barrancabermeja Complex, Colombia. EPC for interconnection of processing and service areas.Client: Ecopetrol

2008-2010

Paraguaná Refining Complex, Falcón state, Venezuela. Master agreement for conceptual, basic, detailandfieldengineering,management, support for construction and start-up of projects.Client: PDVSA Petróleo

2010-2011

Extension of Clusters, Anzoátegui state, Venezuela. Detail engineering for the connection and start-up of seven new wells and nine additional wells to maintain and increase production potential for extra heavy crudeinthefield.Client: Petrocedeño

2010-2012

Master Agreement for Engineering Services, Venezuela. Conceptual, basic and detail engineering projects under the umbrella of the Sow the Oil Plan.Client: PDVSA Ingeniería y Construcción

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

2010-2010

National Steel Complex, Bolívar state, Venezuela. Conceptual and basic engineering for the briquette transportation system; extended basic engineering for design of the foundations of industrial buildings and basic design of infrastructure for the National Steel Complex.Client: Constructora Andrade Gutiérrez

2010-2013

Combined Cycle, Termozulia III, Zulia state, Venezuela. EPC for the combined cycle net minimum 500-MW plant, open cycle and combined cycle phases. Executed by Consorcio EIS, formed by inelectra (47.5%), Electroingeniería from Argentina (47.5%) and Sener from Spain (5%).Client: CORPOELEC

2011-

Jose and Morón Industrial Complexes, Anzoátegui and Carabobo states, Venezuela. Support for the planning of shut-downs at the Fertinitro plant at Jose. Management of construction of the phosphate fertilizer plant at Morón. Support for the start-up of the nitrogen fertilizer plant.Clients: Fertinitro and Metanoles de Oriente (METOR)

2011-

Deep Conversion – Phase II, Puerto La Cruz, Anzoátegui state, Venezuela. Detail engineering, assistance for procurement, management of construction and start-up of units to process 210,000 BD of crude. This will be aworldfirstforcommercialapplicationof the HDHPlus® technology.Client: PDVSA Petróleo

2012-2014

New CAF headquarters, Caracas, Venezuela. Architecture, engineering and project management services fora25-storey(120mhigh)officebuilding and a surrounding covered area of 70,286 m2, six basement levels, access to the Metrobús stop and connection to the Altamira station of the Caracas Metro.Client: Andean Development Corporation (CAF)

2012-2015

Shipping capacity at TAEJ, Anzoátegui state, Venezuela. Engineering and procurement for expansion of the capacity of the Jose Storage and Shipping Terminal (TAEJ). Basic and detail engineering, management of procurement and interconnections for construction of crude tanks.Client: PDVSA Petróleo

2011-2012

Agroindustrial Sugarcane Derivatives Complexes, Mérida and Portuguesa states, Venezuela. Construction of the complex consisting of a Juice plant, Distillation plant, Torula yeast plant, with industrial services, storage and shipping units and a plant for balanced food for animals.Client: PDVSA Agrícola

A PROFILE FOR VALUE




197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961996199819992000200120022003200420052006200720082009201020112012201320142015

2013-2014

Petrolera Sinovensa expansion, Anzoátegui and Monagas states, Venezuela. Visualization, conceptual and basic engineering for project to increase capacity to produce and handle extra heavy crude from 165,000 BD to 330,000 BD.Client: PDVSA Ingeniería y Construcción

2013-2014

PMT for Petrolera Sinovensa, Anzoátegui and Monagas states, Venezuela. Management of PMC projects as part of the EPC project to increase production from 105,000 BD to 165,000 BD of extra heavy crude at the Jose Blending Plant, Morichal, and the MPE-3 Block. Additional requirements for PMT projects, developing engineering and technical assistance on projects included in the expansion plans. Comprises PMT for construction of the 40,000-BD and 30,000-BD Early Production Modules, basic and detail engineering for upgrading the interconnection of industrial processes and services of the 30,000-BD Module.Client: Petrolera Sinovensa

2013-

Surface facilities for Orinoco Oil Belt, Anzoátegui and Monagas states, Venezuela. Framework agreement for management of the portfolio of projects with joint-venture companies. Development of basic engineering for surface facilities for Petrocarabobo and Petroindependencia.Client: PDVSA Ingeniería y Construcción

2014-

Agroindustrial Sugarcane Derivatives Complex, Portuguesa state, Venezuela. Detail engineering, assistance for procurement and management of construction for installation and start-up of a sugar packaging system and construction of the compressor room.Client: PDVSA Agrícola

2014-

Portuguesa Agroindustrial Complex, Mérida Agroindustrial Complex, Guanare Sugar Mill and Trujillo I Agroindustrial Complex, Portuguesa, Mérida and Trujillo states, Venezuela. Conceptual, basic and detail engineering, management of procurement, technical assistance and management of construction.Client: PDVSA Agrícola

Talent, financial capacity and ability to execute, as well as technological support are the underpinnings of our leadership

A PROFILE FOR VALUE




Business continuity and sustainability

Major progress towards full achievement of goals

A PROFILE FOR VALUE




COMMITTED AND EFFICIENT MANAGEMENT

The 2014-2015 period was noted for the complex situation in the country. Problems stemming from the drop in oil prices and the foreign-exchange situation, beginning in the second half of 2014, meant a change in the rhythm of work and new projects, but did not affect the overall load.

In the case of the various commitments in the petrochemical and agroindustrial sector, gas processing, refining and power generation industries, the company handled 70 projects.

During this period, the firm executed 1,587,611 man-hours of projects, earning income totaling $48.4 million and Bs. 1.45 billion. These results are proof, once again, of the committed and efficient management by our collaborators. We are beginning the next period with an estimated backlog of the equivalent of US$51.8 million and Bs. 1.79 billion, thanks to intense commercial activity that has enabled us to bid on works representing the equivalent of more than Bs. 2 billion, with good chances of being awarded the contracts.

To guarantee performance of its business plan, inelectra fostered and enhanced its competitive advantages, i.e. its human resources, financial and performance capability and technological support.

The company expanded its lines of credit, based on the growing trust of the banks, providing backing for its domestic operations and upcoming international operations in the form of a stable base of resources, as required in order to tackle large-scale projects.

With this financial performance, sales and project execution, in addition to achievements in the areas of training, industrial safety and health, quality, organizational climate and social responsibility, we have reaffirmed our status as a strong company, with an efficient workforce that is aligned with our clients’ business goals.

Reinforcement of financial capability

M-H 1,587,611

INCOME US$ 48.4 MILLION BS. 1.45 BILLION

BACKLOG US$ 51.8 MILLION BS. 1.79 BILLION

A PROFILE FOR VALUE




SUPPORT FOR THE VENEZUELAN ENERGY SECTOR inelectra’s business continues to be focused

mainly on Venezuela, where the company has traditionally provided support for the oil, gas, power generation, industrial and infrastructure industries, among others, by handling projects important for economic growth.

Continued work on service and EPC projects has been the main characteristic of the company’s activities during the period that is just ending, generating sustained employment for our work groups.

One of the distinguishing features of our company has been our work hand-in-hand with our clients, adapting to new realities and execution methods in response to the difficult economic circumstances that have affected the evolution of our projects. Most noteworthy were the cases of Termozulia III, Deep Conversion Phase II at the Puerto La Cruz Refinery, and surface facilities at the Orinoco Oil Belt.

It is in inelectra’s interest that these projects follow their course and achieve the business goals set by the company and by our client, without compromising quality requirements and commitments.

Mention should also be made of the progress made on projects during the 2014-2015 period. In the case of the electric power grid, the Termozulia III Generation Plant for CORPOELEC stands out. In the case of refining, mention must be made of Deep Conversion at the refineries at Puerto La Cruz (Phase II) and El Palito for PDVSA. In the agroindustrial sector, there is the ethanol production plant for PDVSA Agrícola. In the case of upgrading crudes, there are the surface facilities for Petrocarabobo, Petrolera Sinovensa and Petroindependencia, all part of the Sow the Oil Plan being implemented by PDVSA and its joint ventures.

A PROFILE FOR VALUE




Growth in Venezuela and selective expansion of business in international markets

OUR BRAND IN INTERNATIONAL MARKETS

inelectra’s internationalization program has moved forward on schedule. We have entered the stage for defining the most advisable designs for participation, making the most of our competitive advantages, based on a business strategy, market studies and identifying possible alliances in markets of interest.

The decision to, once again, begin participating in other areas of the world means handling and developing the business from Venezuela. North America, Mexico, Brazil and some of the Andean countries offer opportunities as areas where we could be present, using selective criteria, in the form of alliances with local companies, based on complementarity, for power projects.

Our knowledge of international markets and clients, proven experience with execution of projects outside Venezuela and compliance with international standards are advantages that would allow the inelectra brand to re-emerge in new scenarios.

A PROFILE FOR VALUE




GROWTH OF TALENT AND CAPABILITIES

As the basis of our productivity and the achievement of ever better results, the human talent at inelectra is especially important. Our investment in the best possible development of our staff’s capabilities, know-how and skills has guaranteed achievement of our company’s goals and allowed us to respond to the individual growth needs of more than 1,200 direct collaborators and their families. We are a team that has racked up more than 14,400 years of experience, with an average of 15 years in the business.

Over the 2014-2015 period the company has provided over 61,000 man-hours of training, with an investment of close to Bs. 9,000,000, far exceeding the goals set.

In addition, inelectra continues to invest in state-of-the-art technological tools and the best infrastructure for execution of complex projects that require increasingly well-trained manpower.

Improvements in the quality of our collaborators’ on-the-job and personal lives, and our efforts for their safety, health and well being have made us one of the top options on the Venezuelan job market.

Our work team applied advanced tools for collaborative work, efficient communication systems, and showed a high level of leadership, with a proven capacity for innovation and mastery in handling the technological tools that are at its disposal.

Stable work load backed by more than 1,200 direct collaborators

A PROFILE FOR VALUE




MAJOR EXPANSION IN 2015/2016

For inelectra the period that is just beginning means increasing the work load, updating and procurement of technological tools, and tackling new endeavors.

The potential of the energy market in Venezuela and in the countries where we will be focusing our international marketing efforts looks ambitious. As a leader in engineering and construction in Venezuela and Latin America, inelectra is ready to face these challenges and put its efforts into developing energy projects, most especially those that have to do with maintaining operational reliability and raising production figures. In the area of power generation, the company has designed an aggressive commercial and marketing plan to expand the possibilities of participation, by forming alliances and/or partnerships with international firms.

Continuity in the execution of projects based on different development schemes

As part of our commitment to Venezuela and our clients, making sure that inelectra is capable of tackling complex projects in the energy sector is the goal we constantly set ourselves vis-à-vis our close to 900 stockholders, over 1,300 direct and indirect employees, partners, contractors and suppliers. That is where the organization’s true challenge lies: ensuring the sustainability and continuity of the business as it has evolved over the past 46 years.

Juan Carlos Gil President

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Solutions for the energy industry

The 2014-2015 period was an exercise in creativity and perseverance aimed at gaining a foothold in different markets, one that required comprehensive and innovative solutions to add value for clients and associates

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OPERATIONAL ACHIEVEMENTS

During our almost 50 years as a leading engineering and construction company, we have proven our ability to successfully manage projects of different types and scale aimed at meeting the requirements of the energy industry in Venezuela and the rest of Latin America.

When dealing with projects that so require due to their complexity or size, we form alliances using different contractual models to bolster industrial development in the scenarios where we are active.

BUSINESS SEGMENTS AND PROJECTS

CRUDE REFINING AND UPGRADING 22

CRUDE PRODUCTION FACILITIES 13

AGROINDUSTRY 12

ELECTRIC POWER GENERATION AND TRANSMISSION 7

PETROCHEMICALS 7

TRANSPORTATION, DISTRIBUTION AND STORAGE OF HYDROCARBONS 4

GAS PRODUCTION, PROCESSING AND COMPRESSION 3

INFRASTRUCTURE 2

Moving forward on what has been inelectra’s business vision, during the 2014-2015 fiscal year we took part in projects for oil and gas production markets, refining and upgrading of crudes, petrochemicals, transportation, distribution and storage of crudes, generation and transmission of electric power, infrastructure and agroindustry.

A PROFILE FOR VALUE




Another new business opportunity involves Petrolera Sinovensa, a company for which we have been handling major projects for some time. Since October 2014 the relationship has become even stronger with our support of its goal to increase production capacity, initially to 105,000 barrels, and subsequently up to 165,000 barrels during the first half of 2016. In addition, studies are already underway to raise production capacity to 330,000 barrels per day in coming years. In this context, we have begun the visualization and basic engineering, with activities in several locations, including Puerto La Cruz and Jose, in Anzoátegui state, and Morichal, in Monagas state. Once the results are in, and if the client finds this to be an attractive investment proposal, we could then tackle detail engineering, procurement and construction. This project offers a potential alternative for growth and experience within the organization.

We maintained our share in the Venezuelan energy markets and began identifying opportunities in Latin America

The end result for the period was satisfactory, with no major changes to the type of projects that we had executed during the previous fiscal year. The management report highlighted major commitments, such as the relaunching of the Deep Conversion Phase II project at the PDVSA refinery in Puerto La Cruz, Anzoátegui state. The contract for procurement and construction of the basic process units, industrial services and external areas was signed in November 2014. The contract was between PDVSA and the Asian companies Hyundai Engineering and Construction Co. Ltd., Hyundai Engineering Co. Ltd., and Wison Engineering Co. Ltd. This project will allow for the installation of the HDHPlus®

technology developed by PDVSA Intevep for processing heavy crude from the Orinoco Belt. This project also includes the installation of a sequential hydroprocessing unit, a technology developed by the French company Axens, as well as industrial service units and external areas.

The engineering, procurement support and construction management of this project, which is of strategic importance for Venezuela, has been entrusted to the CONFEED joint venture, comprising JGC Corporation, Chiyoda Corporation and inelectra. In the case of our company, this will provide excellent experience on the international stage, with the multicultural participation of Japanese, Korean, Chinese and Venezuelan companies.

A PROFILE FOR VALUE




CLIENTS # PROJECTS ALLIANCES

ARENDAL S. DE R.L. DE C.V. 1

CAMARGO CORREA 4

CHEVRON 5

CHINA MACHINERY ENGINEERING CORPORATION 2

CONSTRUCTORA NORBERTO ODEBRECHT 2

CORPORACIÓN ANDINA DE FOMENTO (CAF) 1

DORIS ENGINEERING / YPERGAS 1

ENELVEN / CORPOELEC 1 ELECTROINGENIERÍA (ARGENTINA) SENER (SPAIN)

FERTILIZANTES NITROGENADOS DE VENEZUELA (FERTINITRO C.E.C.) 2

INDUSTRIAS VENOCO 1

METANOLES DE ORIENTE (METOR) 2

NORTHAM ENGINEERING S.A. DE C.V. 1

PDVSA AGRÍCOLA 9

PDVSA INGENIERÍA Y CONSTRUCCIÓN 2

PDVSA PETRÓLEO 12 JGC (JAPAN) CHIYODA (JAPAN) GS (KOREA) APS (ITALY) HYUNDAI (KOREA)

PEQUIVEN 1 TECNOCONSULT

PETROCARABOBO 1 IDS

PETROCEDEÑO 2

PETROINDEPENDENCIA 1 ASINCRO

PETROLERA SINOVENSA 6

PETROMACAREO 1

PETROPIAR 9

PROPILENO DE FALCÓN C.A. (PROFALCA) 2

VENEZUELAN HEAVY INDUSTRIES C.A. (VHICOA) 1

70

Throughout the year we confirmed that inelectra is in an excellent position to offer competitive world-class services, guaranteeing that our clients cost, time and quality goals will be met

CLIENTS AND ALLIANCES

A PROFILE FOR VALUE




ORINOCO OIL BELT

One of the most important outcomes of our participation in the development of the Orinoco Belt was the framework agreement signed with PDVSA Ingeniería y Construcción to handle their portfolio of projects with joint ventures. This decision was proof of great trust in our experience, professional approach, and commitment to quality.

Furthermore, by the close of the fiscal year we had completed work on basic engineering for the surface facilities for Petrocarabobo and had achieved 80% progress; on an equivalent project with Petroindependencia we had achieved 55% progress. In December 2014 we delivered one of the most important products under the agreement with Petrocarabobo, namely the Class III cost estimate.

AGOINDUSTRY

During the 2014-2015 fiscal year, we signed four new contracts that will allow us to continue expanding our business relationship with PDVSA Agrícola, providing support to this company for the implementation of agro-energy projects that are of vital importance for Venezuela. PDVSA Agrícola is the subsidiary created to further the development of the country’s agriculture and agroindustry, conceived as networks that encompass primary agricultural production and animal husbandry, industrial processing and the distribution of finished products, divided into three areas: Industrial Development, Agricultural Development, and Animal Husbandry.

During this period, we moved forward on the detail engineering, procurement assistance, and management of the construction of the Agroindustrial Sugarcane Derivatives Complex in Ospino, Portuguesa state. This experience opened the door for an opportunity to provide support to PDVSA Agrícola for improvements at Guanare Sugar Mill, Portuguesa state, with the detail engineering required for the installation and start-up of a sugar-packaging system and the construction of the compressor room.

PDVSA Agrícola has contracted more than one million inelectra man-hours and, up to the end of January 2015, the company had provided more than 810,000 man-hours on engineering, construction management and technical assistance projects, under the framework of eleven contracts signed with PDVSA since 2011. These commitments, in the area of Industrial Development, have added up to 1,079,190 man-hours.

THERMOGENERATION OF ENERGY

The Termozulia III project in Zulia state has moved forward at a steady pace during this period, reporting two major achievements: the installation and inerting of the two main waste-heat boilers.

PETROCHEMICALS

This fiscal period, inelectra’s activities in the petrochemical market consisted of providing support to METOR for its operational improvements plan, and support in planning the shutdowns of the Fertinitro plant at the Jose Industrial Complex in Anzoátegui state. In addition to this, we continued managing the construction of the phosphate fertilizer plant at the Morón Industrial Complex in Carabobo state. One important aspect of this project was the contribution of the start-up of the nitrogen fertilizer plant that is already in full production.

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A FOOTHOLD IN INTERNATIONAL MARKETS

One strategically important achievement for this fiscal year was the launching of the first international project, in Mexico, as part of the plan for expanding into foreign markets being resumed by inelectra. Six members of our professional staff were assigned to supervise the detail engineering work of ERG Lakach for Arendal, a company contracted by Pemex for this project in the Gulf of Mexico.

Special mention must be made of the valuable experience gained during this period in the management of projects with the joint ventures for the Orinoco Belt. The simultaneous work at different execution centers allowed us to pinpoint areas where improvements were needed in our execution and communication processes, a task that is being handled through our training and tool-management programs. Once more, inelectra is preparing to achieve excellence in its next challenge: management and execution of international projects.

In moving forward with our internationalization plan, we took advantage of the prestige, experience, credentials, technical and management capabilities, and the know-how in managing projects in the countries selected, that we have built up over 16 years of successful business projects outside Venezuela

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MAJOR PROJECTS IN 2014/2015

TERMOZULIA III GENERATION PLANT FOR CORPOELEC

Basic and detail engineering, supply of equipment and material and construction of the 500-MW net minimum Termozulia III combined cycle plant, to be installed in two phases: open cycle and combined cycle. Executed by Consorcio EIS, made up of inelectra (47.5%), Electroingeniería from Argentina (47.5%) and Sener from Spain (5%). A major commitment given its impact on the electric power generation and distribution system in Venezuela.

DEEP CONVERSION PHASE II AT PUERTO LA CRUZ REFINERY

Detail engineering, assistance on procurement, management of construction and start-up of units to process 210,000 barrels per day of crude at the Puerto La Cruz Refinery. This will be a world first for commercial application of the HDHPlus® technology, developed by Intevep and owned by PDVSA, for the conversion of residuals and heavy and extra-heavy crudes to obtain high quality refined fuel products for export. This project is being executed for PDVSA Petróleo by the CONFEED joint venture, made up of JGC Corporation, Chiyoda Corporation and inelectra.

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PMT DEEP CONVERSION AT THE EL PALITO REFINERY

Execution, jointly with the Italian firm APS Engineering and the Korean company GS, to develop bidding packages for the detail engineering work, procurement and construction.

AGROINDUSTRIAL COMPLEXES AND ETHANOL PRODUCTION

Conceptual, basic and detail engineering, managing procurement, technical assistance and managing construction, at the following facilities: Portuguesa Agroindustrial Complex, Mérida Agroindustrial Complex, Guanare Sugar Mill and Trujillo I Agroindustrial Complex.

At Portuguesa Agroindustrial Complex, the work covers engineering, managing procurement and construction, and start-up of the following facilities: Juice plant, Distillation plant, Torula yeast plant, industrial services, agroindustrial and social infrastructure, and integration of plants.

The portion handled by inelectra includes construction of a refinery module for the production of ethanol, an oxygenate and component of gasoline that makes it possible to meet environmental regulations for gas and fuel emissions. This project, in conjunction with a group of other plants, will account for the production of 6.5 million barrels of anhydrous ethanol/year.

For Guanare Sugar Mill, PDVSA Agrícola contracted the detail engineering required for installation and start-up of a sugar-packaging system and construction of a compressor room.

In addition, PDVSA Agrícola has used engineering developed by inelectra as a basis for building “replicas” at other early-stage agroindustrial plants in Barinas, Cojedes and Trujillo I.

SURFACE FACILITIES FOR PETROCARABOBO, A JOINT VENTURE COMPANY

inelectra is the leader in the inelectra–IDS Joint Venture that is in charge of the basic engineering for the surface facilities required for the production, treatment, transportation, storage and disposal of products associated with the production of 16º API diluted crude oil (DCO), starting with 400,000 BD of 8º API extra heavy crude oil (EHCO) to be extracted by Petrocarabobo in the northern section of the Carabobo 1 Block, east of the Orinoco Belt, in the states of Anzoátegui and Monagas.

SURFACE FACILITIES FOR PETROINDEPENDENCIA, A JOINT VENTURE COMPANY

Basic engineering for the surface facilities required for the production, treatment, transportation and storage of crude and disposal of products associated with the production of 16º API diluted crude oil (DCO), starting with 400,000 BD of 8º API extra heavy crude oil to be extracted in Blocks 5, 3N and 2S at Campo Carabobo 3, to define the most appropriate infrastructure and systems to back the operations of the Petroindependencia joint venture company.

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TECHNICAL ASSISTANCE, PROJECT MANAGEMENT AND CONSTRUCTION MANAGEMENT TO INCREASE CAPACITY AT PETROLERA SINOVENSA

This project covers two fundamental areas: The first is PMC for the engineering, procurement and construction of facilities for raising production from 105,000 BD to 165,000 BD of extra heavy crude at the Jose Blending Plant, Morichal, and the MPE-3 Block, being executed by the ICHQ joint venture between PDVSA Ingeniería y Construcción and the Chinese companyChinaHuanQiuContracting&Engineering Corp. (HQCEC). The second area covers additional PMT requirements, development of engineering and technical assistance for projects included in the expansion plans. These comprise PMT for construction of the 40,000-BD and the 30,000-BD Early Production Modules, as well as basic and detail engineering for upgrading the interconnection of industrial processes and services of the 30,000-BD module.

PETROLERA SINOVENSA EXPANSION PROJECTS

Covers the visualization, conceptual and basic engineering for a project to increase capacity to produce and handle extra heavy crude from 165,000 BD to 330,000 BD; achievement of the cold stage is estimated for late 2018, with the heat stage scheduled for 2019. This project is being carried out under a framework agreement for professional services signed with PDVSA Ingeniería y Construcción.

PROJECT FOR EXPANSION OF SHIPPING CAPACITY AT TAEJ – SURFACE FACILITIES

As part of this engineering and procurement project for PDVSA Petróleo, progress was made on expanding the capacity of the Storage and Shipping Terminal at Jose (TAEJ), with work done on the detail engineering, procurement and supply of equipment and materials, installation on land, external facilities, pumping systems, storage and laying of pipes, among other items. Progress was also made on the basic and detail engineering, management of procurement, and the connections needed for construction of the TAEJ crude tanks.

CAMARGO CORREA ELECTRIC-POWER PROJECTS

In the last quarter of 2014, we began work for a new client, a Brazilian company called Camargo Correa, with the basic engineering for the Charallave II power substation, conceptual engineering for the new Kempis power substation, and conceptual engineering for the 69-kV line between the Kempis S/S and the Curupao S/S. This involves execution of three separate subprojects that had, in turn, been contracted to Camargo Correa by Corpomiranda, to be built for CORPOELEC, the end client.

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Experience is our capitalA PROFILE FOR VALUE




During the 2014-2015 fiscal year we identified and implemented the following high-impact projects for improved progress on our endeavors:

• Review of the technological platform to assess our competitiveness in the use of software and propose alternative tools more suited to the type of project. This exercise led to the decision to develop our own software system for materials control, which will become a valuable tool designed on the basis of a thorough knowledge of management.

• Improvements to the processes used in technical disciplines of engineering, in terms of time, scope and quality. The initiatives for change came from within the ranks of our staff.

• Introducing Know-how Management, so as to ensure that experience gained during projects is stockpiled by the company. This included a prior review of lessons learned, standards, a library and general information concerning projects. The next steps will consist of gathering all the know-how together under a single roof, and setting up a large-scale search engine.

We are known for our discipline, safety standards and ethics, as well as for our innovative ability to turn knowledge into tools that add value to the business

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inelectra is considered a preferred contractor by major clients and companies interested in entering the Venezuelan market. A total of 51 million man-hours of professional services invested in successful projects over the past 25 years, set it apart as the leading engineering and construction firm in Venezuela and one of the largest in Latin America.

Thanks to its status as a model organization, working for the company is considered an important goal for professional and personal development. Once again, our firm’s work groups, comprising more than 1,200 direct collaborators, have proven their commitment to the organization’s goals, to quality and to the best possible performance when handling the technological tools for each process.

The company also completed the program for instruction and training of its professional and technical staff with a view to bolstering its expansion strategy and ensuring the continuity and profitability of the business.

Personnel training grew 31% in comparison with the previous year. The man-hours spent on training added up to a total of 61,337, for an average of 54 hours per employee, an investment of Bs. 8,662,398 for a total of 3,538 participations in technical, management, and behavioral activities, among others.

Achievement of the profiles needed to power the operational areas was based on the organization’s ongoing programs: Organizational Tutors, Initial on-the-Job Training and Development of Critical Capabilities, Comprehensive Training Program, and Managerial Development Plan.

MODEL ORGANIZATION AND PREFERRED CONTRACTOR

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TRAINING PLAN BUDGET IMPLEMENTATION APRIL 2014 - MARCH 2015

ASSIGNED BUDGET (Bs.) 5,521,189

BUDGET IMPLEMENTATION (Bs.) AT 03/31/2015 8,662,398

TOTAL % PROGRESS ON BUDGET ASSIGNED 157

INDICATOR GOAL PERFORMANCE AT 03/31/2015

INDICATOR

ACCUMULATED M-H IMPLEMENTED / No. OF EMPLOYEES 40 53.71

ACCUMULATED TRAINING PLAN M-H IMPLEMENTED 61,337

M-H NEWSLETTERS AND SHE MEETINGS 45,569

TOTAL M-H OF TRAINING 106,906

BREAKDOWN OF OVERALL PARTICIPATION TOTAL %

PARTICIPANTS IN IN-HOUSE TRAINING ACTIVITIES 2,350 66.42

PARTICIPANTS IN OUTSIDE TRAINING ACTIVITIES 1,188 33.58

TOTAL 3,538 100.00

The set of shared values and beliefs in our organization is considered another factor that sets us apart. For the 46 years of activities, transparency, quality, safety, innovation, orientation for the client, and ethics have created a robust system common to all those in the company. The office of the president of inelectra continued its program for direct communication among our collaborators that is aimed at spreading and sharing aspects involving key elements in our corporate culture, one that prompts healthy discussion to foster change as an outstanding company.

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During the 2014-2015 period we met all the accident-rate goals set in our strategy plan and achieved a record of zero loss-of-time events. Furthermore, we continued our systematic practice of providing information and training for our personnel to continue consolidating our position as an organization with a proactive approach to SHE challenges.

As has constantly been the case, we enhanced dissemination of the Trabaja PositivoTM (Work Positively) program at our projects and offices in support of the safe-work policy that is a feature of our corporate culture.

MAN-HOURS OF SHE TRAINING

2011 2012 2013 2014 34,451 43,431 40,071 44,945

ZERO ACCIDENTS

Thanks to risk assessment and reinforcement of prevention awareness we have built a robust safety-oriented culture

8.8 million man-hours without any occurrence involving loss of time with inelectra personnel from 2011 through 2014

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ZERO NON-CONFORMITIES AND ZERO COMMENTS

inelectra’s Quality Management System has been applied to all projects as a feature that has set us apart throughout our history. The company was granted ISO 9001 certification by FONDONORMA in 1995

Seven in-house audits of projects and execution centers were performed in 2014-2015.

Follow-up audit of inelectra’s Certification. In October 2014, FONDONORMA performed a follow-up audit of our management system, assessing compliance with ISO 9001:2008 at the permanent structure and at the Deep Conversion Phase II Project, with an end result of Zero Non-conformities and Zero Comments.

Ongoing measurement of client satisfaction. During this period, the clients on 15 projects were surveyed, with an average satisfaction rating of 4.21 points, or Very Satisfied, on the scale. This means that we achieved our goal of a rating no lower than 4 points.

At inelectra quality management for all activities is most definitely the key to the success of the company’s projects

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GOOD USER OF INFORMATION TECHNOLOGIES

Optimizing our company’s information technology services is an ongoing endeavor that favors all our work processes by increasing productivity for project execution

The periodic updating of inelectra’s technological platform and commercial application allows the company to respond to the technical requirements of each project while looking forward to our upcoming role in international business.

inelectra ranks as the third most important user of the SmartPlant® 3D tool in Latin America; this is one of our competitive advantages for project execution in terms of quality, time and cost commitments. During this period, we updated our SmartPlant® 3D, SmartPlant® Materials, SAP Business Warehouse and Primavera. We also made improvements to our voice, data and video services while ensuring that we make full use of our platform’s resources.

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COMMITMENT IS THE KEY WORD

Since it was established in 1968, we at inelectra are noted for our firm and cohesive Corporate Social Responsibility policy. Honesty, ethics and commitment are the common values linking the organization and each of its collaborators. The 2014-2015 period was noted for an even greater commitment to working together on the social-action programs we have undertaken.

We add value:

• For our people, by helping build up their capacities and by promoting their individual growth.

• For our organization, by optimizing work systems and processes, and by incorporating new technology tools and better practices in each endeavor.

• For our clients, based on our culture of achieving our quality, cost and time goals and our commitment to their execution and profitability plans.

• For the communities, by committing to their development and welfare, implementing programs in support of education, health, sports and environment, in addition to fostering a better quality of life.

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BACKING EDUCATION

Through our sponsorship of Universidad Simón Bolívar’s SAE Baja project, which dates back five years. In addition, inelectra focuses its efforts on identifying educational institutions in areas close to our execution centers with a view to supporting projects whereby we can add value and improve the infrastructure they need at their centers. Through our program Por una mejor escuela (For a Better School), we have helped more than 3,500 students at public schools in Caracas, Guatire and Puerto La Cruz.

ENVIRONMENT

In tandem with our social actions, we at inelectra have forged a major environmental culture. We have an ongoing recycling campaign, thanks to the active participation of our collaborators. With the recycling of paper, plastic containers, bottle caps and batteries we both foster a culture of caring for our planet and have a multiplier effect with an environmental message that spreads beyond our work spaces. During the 2014-2015 fiscal year, we collected 309 kilos of plastic, 5,660 kilos of paper and cardboard, and 1,087 kilos of bottle caps, all of which was either reused or disposed of, as appropriate, by organizations that specialize in recycling.

To reinforce our environmental culture, we have launched an institutional savings campaign that promotes rational use of electric power, paper and water within the organization. This initiative is also useful as a tool for spreading the message of caring for the environment that inelectra considers so important.

Furthermore, hand in hand with our volunteers, we have taken part in campaigns for planting trees on the Waraira Repano, helping in the reforestation of what is known as Caracas’ green lung, planting species that are native to this national park. We also are firmly committed to International Coastal Cleanup Day; in 2014, more than 100 volunteers, between collaborators and their families, from Caracas and eastern Venezuela, took part in cleaning up coastlines and beaches.

In 2014, with the money collected through our voluntary payroll contribution program, Aporte Voluntario por Nómina, we were able to carry out five education projects that benefited 1,496 people directly, and 3,966 indirectly, in communities close to our areas of operations in Caracas, Maracaibo and Puerto La Cruz. Contributions were made for improvements in infrastructure and timely development of training programs at four educational centers; another accomplishment was the Young Entrepreneurs program at Fe y Alegría’s Padre Salinero School in Puerto La Cruz.A PROFILE FOR VALUE




inelectra VOLUNTEERS: A STRONG ALLIANCE

This is the type of participation that we foster so as to build greater social value in towns near our geographical areas, with the participation of the community, partners, and government agencies, all working together to battle social inequalities, poverty and exclusion, together with our tree-planting campaigns to foster care of the environment. Our volunteer activities have benefited from the participation of more than 100 collaborators from Caracas and our execution centers in the eastern and western areas of the country, who have taken part in a variety of activities in support of organizations with a proven and efficient history of implementation of social programs for populations at risk. Our volunteers have given their time, efforts and cash contributions to a number of initiatives.

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• Casa Hogar Domingo Savio in Caracas, part of the Don Bosco network of homes that provide shelter and education for children and young people from poor families.

• Casa Hogar Bambi, a home in Caracas for children at social risk.

• José Gregorio Hernández Home for the Elderly, Barcelona, Anzoátegui state, working with collaborators from the Petrocarabobo project.

• Providing toys for several communities: El Ceibote, El Tigre and Paraparito, Portuguesa state, a joint activity with PDVSA Agrícola and Vhicoa.

• Donate a visit to the doctor: financial contribution to the San Juan de Dios Children’s Hospital in Caracas, through the Foundation of the Venezuelan Construction Chamber. Visits to homes for children: Casa Hogar Nido Alegre in Maracaibo, and Casa Hogar Rincón Infantil San Edmundo in Caracas.

QUALITY OF LIFE

Working with the Management of Talent and Safety, Health and Environment Departments, the quality-of-life program has fostered a better workplace atmosphere and environment. Activities included periodic medical exams, vaccination and eye test campaigns, sports events and competitions, motivational talks and celebration of special days. New agreements were signed to provide discounts on a number of goods and services.

Talks on healthy living and better eating habits; campaigns for an exchange of ideas concerning the organization’s values; motivational talks; contests to foster better practices; dissemination of information via the in-house media and two-way participation mechanisms, among other activities, aided the corporate endeavor to create a feeling of well being and good working environment.

The Vive en Positivo (Positive Living)campaign to foster good behavior and good habits, all in keeping with the provisions of the Prevention of Drug Trafficking and Consumption of Narcotics and Psychotropic Substances Act (LOCTISEP in Spanish).

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HEAD OFFICE, CARACAS

AvenidaCircunvalacióndelSol,EdificioInelectra, Urbanización Santa Paula, Caracas 1061-A, Venezuela. Apartado Postal 65641.Phone: (58-212) 981.55.55 Fax: (58-212) 985.03.84 E-mail: [email protected]

CARACAS EXECUTION CENTER

Calle 2 con Calle 2-A, Centro Empresarial INECOM, Urbanización La Urbina, Caracas, Venezuela.Phone: (58-212) 204.60.01 Fax: (58-212) 204.66.80E-mail: [email protected]

WESTERN EXECUTION CENTER

Avenida11conCalle78,EdificioCentroElectrónico de Idiomas, pisos 4 y 5, Sector 5 de Julio, Maracaibo, estado Zulia.Phone: (58-261) 798.07.35 - 797.90.45Fax: (58-261) 797.86.97E-mail: [email protected]

EASTERN EXECUTION CENTER

Calle Arismendi Sur, Centro Comercial Atlántico, piso 4, Lechería, estado Anzoátegui.Phone: (58-281) 289.21.11 Fax: (58-281) 286.10.01E-mail: [email protected]

Published by the Corporate Public Affairs Departmentinelectra S.A.C.A. RIF: J-00059555-0

Content, production coordination and editorial oversightCaligraphy C.A.Consultants in Strategic Communications

TranslationFrancine Jácome

Graphic designMaría de Lourdes Cisneros

PhotographsWalter Ottoinelectra archives

June 2015

www.inelectra.comtwitter: @inelectra

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