June 26, 2008 at 8:38 am #3561
[center]FOSTER WHEELER WINS CONTRACT FROM MOL FOR REVAMP OF DELAYED COKER COMPLEX IN HUNGARY[/center]HAMILTON, BERMUDA, June 23, 2008 – Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Madrid-headquartered subsidiary Foster Wheeler Iberia, S.A.U., part of the Global Engineering and Construction Group, has been awarded a contract by MOL Hungarian Oil & Gas Co. (MOL) to provide the basic design and estimating services for the revamp and expansion of the delayed coker complex at MOL’s refinery at Százhalombatta, in Hungary. The revamp will also include the fractionation, gas recovery and sour water stripper units.
The contract value was not disclosed. The project will be included in Foster Wheeler’s second-quarter 2008 bookings.
The objective of the revamp is to expand the existing coking complex 27% up to 26,400 barrels per stream day, which uses Foster Wheeler’s leading SYDEC(SM) delayed coking technology. Foster Wheeler Iberia will develop the process design package in collaboration with Foster Wheeler’s operation in Houston, Texas. This first phase of the project is scheduled for completion by the end of 2008.
“This award reflects the long-standing and successful working relationship that has existed between MOL and Foster Wheeler for more than 20 years, and MOL’s confidence in our delayed coking and revamp expertise,” said Jesús Cadenas, chief executive officer of Foster Wheeler Iberia, S.A.U.
Foster Wheeler’s SYDEC(SM) process is a thermal conversion process used by refiners worldwide to upgrade heavy residue feed and process it into high-value transport fuels. The SYDEC(SM) process achieves maximum clean liquid yields and minimum fuel coke yields. Foster Wheeler is a market leader in delayed coking and has supplied its delayed coking process technology worldwide for more than 80 new cokers and has worked on more than 70 delayed coker revamps.
Foster Wheeler Ltd. is a global company offering, through its subsidiaries, a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the upstream oil and gas, LNG and gas-to-liquids, refining, petrochemicals, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The company is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey, USA. For more information about Foster Wheeler, please visit our Web site at http://www.fwc.com.[center]# # #[/center]
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