Foster Wheeler Awarded Coal-to-Liquids Feasibility Study in China
October 27 2008 - 8:15AM
Business Wire
Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its
subsidiaries, Foster Wheeler Energy Limited and Foster Wheeler
International Engineering & Consulting (Shanghai) Co. Ltd.,
together with its consortium partner, Wuhuan Engineering Company,
have been awarded contracts by Sasol Synfuels International
(Proprietary) Limited (Sasol) and Shenhua Ningxia Coal Industry
Group Company Ltd. (Shenhua) to perform a feasibility study for an
80,000 barrels per day coal-to-liquids (CTL) plant in the Ningxia
Hui Autonomous Region, the coal-rich western part of the People�s
Republic of China. The Foster Wheeler contract value was not
disclosed, and will be included in the company's fourth-quarter
2008 bookings. Foster Wheeler will develop the technical
definition, engineering, procurement and construction strategy and
cost estimate and will provide input to the project�s financial
evaluation to support project approval by the Chinese government.
The planned facility will convert coal into selected fuel products
such as diesel, naphtha and liquefied petroleum gas by combining
three principal processes: gasification of coal to synthesis gas,
the conversion of synthesis gas into liquid fuels using Sasol�s
low-temperature Fischer-Tropsch technology, and hydrocracking the
converted products into valuable fuel products. �Foster Wheeler is
delighted to be selected by Sasol and Shenhua, together with our
Chinese partner, to assist in the next stage of the development of
this planned world-scale CTL plant in China, having been involved
in the initial stage of the feasibility study three years ago,�
said Michael J Beaumont, chairman and chief executive officer of
Foster Wheeler Energy Limited. �We have established an excellent
and long-standing working relationship with Sasol in the
engineering and optimization of Sasol�s gas-to-liquids and
coal-to-liquids technologies. This award reflects our clients�
confidence in the creativity and specialist technical expertise of
our Business Solutions Group, which focuses on adding value at the
early development stages of projects, and in our long and
successful track record in China.� Foster Wheeler Ltd. is a global
engineering and construction contractor and power equipment
supplier delivering technically advanced, reliable facilities and
equipment. The company employs over 14,000 talented professionals
with specialized expertise dedicated to serving our clients through
one of its two primary business groups. The company�s Global
Engineering & Construction (E&C) Group designs and
constructs leading-edge processing facilities for the upstream oil
and gas, LNG and gas-to-liquids, refining, chemicals and
petrochemicals, power, environmental, pharmaceuticals,
biotechnology and healthcare industries. The company�s Global Power
Group is a world leader in combustion and steam generation
technology that designs, manufactures and erects steam generating
and auxiliary equipment for power stations and industrial
facilities and also provides a wide range of aftermarket services.
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 www.fwc.com.
Safe Harbor Statement Foster Wheeler news releases may contain
forward-looking statements that are based on management�s
assumptions, expectations and projections about the Company and the
various industries within which the Company operates. These include
statements regarding the Company�s expectations 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 in Part I, Item
1A �Risk Factors� of the Company�s 2007 Form 10-K, which was filed
with the SEC on February 26, 2008 and the following, could cause
the Company�s 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 oil and gas,
oil refining, chemical/petrochemical and power industries, changes
in the financial condition of its customers, changes in regulatory
environments, changes in project design or schedules, contract
cancellations, changes in estimates made by the Company of costs to
complete projects, changes in trade, monetary and fiscal policies
worldwide, compliance with laws and regulations relating to its
global operations, currency fluctuations, war and/or terrorist
attacks on facilities either owned by the Company or where
equipment or services are or may be provided by the Company,
interruptions to shipping lanes or other methods of transit,
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 its
patents and other intellectual property rights, increasing
competition by foreign and domestic companies, compliance with its
debt covenants, recoverability of claims against its customers and
others by the Company and clams by third parties against the
Company, and changes in estimates used in its 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. The Company 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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