was formalizing
Past progressive conjugation of formalize.

formalize

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Karim Bousfiha, Vice President of Marketing and Business Development for CNG Source, announced that the company was formalizing a deal with V-Energia for a large public CNG station to be built in Mexico.
Karim Bousfiha, vicepresidente de marketing y desarrollo de negocios de CNG Source, anunció que la compañía formalizó un acuerdo con V-Energia para una estación de GNV pública grande que se construirá en México.
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