Foster Wheeler Awarded Contract for New Blending Plant in Belgium by Kuwait Petroleum International Lubricants
December 21 2010 - 8:15AM
Business Wire
Foster Wheeler AG (Nasdaq: FWLT) announced today that a
subsidiary of its Global Engineering and Construction Group has
been awarded a contract by Kuwait Petroleum International
Lubricants for the provision of detailed engineering services for a
brownfield lube oil blending plant to be built at Kuwait
Petroleum’s facility at Antwerp, Belgium.
The lube oil blending plant will be designed to substantially
enhance the ability of the Antwerp facility to operate at European
scale by increasing the production capacity from 125 million to 250
million liters per year. The detailed engineering activities will
be completed by mid 2011.
Kuwait Petroleum International Lubricants is increasing the
plant’s capacity to keep pace with the growth of its Q8Oils and
Roloil branded business and to give it the option of toll blending
for other companies.
The value of Foster Wheeler’s contract was not disclosed and was
included in the company’s third-quarter 2010 bookings.
“Their excellent reputation and world-wide experience led us to
award this contract to Foster Wheeler,” said Giuliano Franzi,
Managing Director, Kuwait Petroleum International Lubricants. “We
are confident that the implementation of our project will be a
success.”
Foster Wheeler AG is a global engineering and construction
contractor and power equipment supplier delivering technically
advanced, reliable facilities and equipment. The company employs
approximately 13,000 talented professionals with specialized
expertise dedicated to serving its clients through one of its two
primary business groups. The company’s Global Engineering and
Construction 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 Zug, Switzerland, and its
operational headquarters office is in Geneva, Switzerland. For more
information about Foster Wheeler, please visit our Web site at
www.fwc.com.
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Company’s expectations about revenues (including as expressed by
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of current and future asbestos claims and the amount and timing of
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the factors described in the Company’s most recent Annual Report on
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conditions and results to differ materially from what is contained
in forward-looking statements: benefits, effects or results of the
Company’s redomestication or the relocation of our principal
executive offices to Geneva, Switzerland; the search for a
permanent Chief Executive Officer; further deterioration in the
economic conditions in the United States and other major
international economies, changes in investment by the oil and gas,
oil refining, chemical/petrochemical and power generation
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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
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policies. Other factors and assumptions not identified above were
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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
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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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