Foster Wheeler Awarded Contract for World-Scale Refinery and Petrochemicals Complex in India
January 25 2007 - 10:00AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that two
subsidiaries in its Global Engineering and Construction Group,
Foster Wheeler Energy Limited and Foster Wheeler India Private
Limited, have been awarded services contracts by Indian Oil
Corporation Limited (IOCL) for the Paradip Refinery Project, which
is expected to be one of the largest integrated refinery
petrochemicals complexes in India. This world-scale facility,
comprising a new export refinery and petrochemicals complex, will
be built in Orissa State. The terms of the contracts were not
disclosed, and the projects will be included in the company�s
first-quarter 2007 bookings. Foster Wheeler�s scope includes the
front-end engineering design (FEED), preparation of cost estimates
and the overall project strategy, and supervision of early works on
site up to financial investment decision for the refinery, which is
expected in mid-2008. The planned new refinery, with a crude
processing capacity of 15 million tonnes per annum (TPA), will
include a fluidized catalytic cracking unit, an aromatics complex
and a polypropylene unit. The new complex will ultimately produce
700,000 TPA of polypropylene, 1.2 million TPA of paraxylene,
600,000 TPA of styrene monomer, along with 10.5 million TPA of
refined petroleum products. This award also includes a detailed
feasibility study for Phase 2 of the development, the Paradip
Naphtha Cracker Project. �Foster Wheeler is very pleased to be
awarded this strategically important project,� said Steve Davies,
chairman and chief executive officer, Foster Wheeler Energy
Limited. �This award reflects our in-depth expertise in refining
and petrochemicals and in the successful integration of refining
and petrochemicals production. We have been active in the Indian
market for over seventy years and it remains a very important
market for Foster Wheeler. We look forward to working with IOCL to
deliver a high quality FEED which meets or exceeds our client�s
expectations.� Notes to Editors: 1. 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 refining, upstream oil and gas, LNG and
gas-to-liquids, petrochemicals, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries. The corporation 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. 2. Safe
Harbor Statement This press release may contain forward-looking
statements that are based on the Company�s assumptions,
expectations and projections about Foster Wheeler and the various
industries within which it operates. These include statements
regarding the Company�s expectation about revenues (including as
expressed by its backlog), its liquidity, the outcome of litigation
and legal proceedings and recoveries from customers for claims, and
the costs of current and future asbestos claims and the amount and
timing of related insurance recoveries. Such forward-looking
statements by their nature involve a degree of risk and
uncertainty. The Company cautions that a variety of factors,
including but not limited to the factors described under Part II,
Item 1A. �Risk Factors� in its most recent quarterly report on Form
10-Q, could cause business conditions and results to differ
materially from what is contained in forward-looking statements:
changes in the rate of economic growth in the United States and
other major international economies; changes in investment by the
power, oil and gas, pharmaceutical and chemical/petrochemical
industries; changes in the financial condition of the Company�s
customers; changes in regulatory environment; changes in project
design or schedules; contract cancellations; changes in the
Company�s estimates of costs to complete projects; changes in
trade, monetary and fiscal policies worldwide; currency
fluctuations; war and/or terrorist attacks on facilities either
owned or where equipment or services are or may be provided;
outcomes of pending and future litigation, including litigation
regarding the Company�s liability for damages and insurance
coverage for asbestos exposure; protection and validity of the
Company�s patents and other intellectual property rights;
increasing competition by foreign and domestic companies;
compliance with the Company�s debt covenants; recoverability of
claims against the Company�s customers and others by the Company
and claims by third parties against the Company; and changes in
estimates used in the Company�s critical accounting policies. Other
factors and assumptions not identified above were also involved in
the formation of these forward-looking statements and the failure
of such other assumptions to be realized, as well as other factors,
may also cause actual results to differ materially from those
projected. Most of these factors are difficult to predict
accurately and are generally beyond the Company�s control. You
should consider the areas of risk described above in connection
with any forward-looking statements that may be made by the
Company. Foster Wheeler undertakes no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events or otherwise. You are advised, however,
to consult any additional disclosures the Company makes in proxy
statements, quarterly reports on Form 10-Q, annual reports on Form
10-K and current reports on Form 8-K filed with the Securities and
Exchange Commission.
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