Foster Wheeler & SOCAR Form JV - Analyst Blog
July 19 2011 - 4:15AM
Zacks
Foster Wheeler
AG’s (FWLT) subsidiary, Global Engineering and
Construction Group, entered into a joint venture agreement with The
State Oil Company of Azerbaijan Republic (SOCAR) in the Republic of
Azerbaijan. As per the Memorandum of Understanding (MoU) signed by
the companies, a jointly-owned company will be formed.
A state-owned company, SOCAR works
in the fields of oil and gas exploration, production,
transportation and marketing. SOCAR plans to construct an oil, gas
processing and petrochemical complex in Garadag, Republic of
Azerbaijan. The newly formed joint company will provide process,
engineering, procurement, construction supervision and project
management services related with the expansion of the new oil, gas
processing and petrochemical complex.
The new entity will have its
headquarters in Baku and will be established and incorporated on a
joint action plan by of Foster Wheeler and SOCAR. Both the
companies share a strong working relationship as Foster Wheeler
provides design to the Aegean oil refining facility in Turkey for
SOCAR and its joint-venture partner.
Foster Wheeler AG is based in Zug
Switzerland, but its operational headquarters are in Clinton NJ
USA. The majority of Foster’s revenues and new businesses originate
from outside the United States. The company serves the
following industries: Oil and Gas; Oil Refining; Chemical &
Petrochemical; Pharmaceutical; Environmental; Power Generation; and
Power Plant Operation and Maintenance. Major competitors of Foster
Wheeler are Fluor Corporation (FLR) and
Jacobs Engineering Group Inc. (JEC).
We continue to maintain a Neutral
rating on Foster Wheeler, with a Zacks #2 Rank (Buy recommendation)
over the next one-to-three months.
FLUOR CORP-NEW (FLR): Free Stock Analysis Report
FOSTER WHELR AG (FWLT): Free Stock Analysis Report
JACOBS ENGIN GR (JEC): Free Stock Analysis Report
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