Foster Wheeler Gears up for Second Phase of the Barrancabermeja Refinery Modernization Project
August 09 2011 - 7:30AM
Business Wire
Foster Wheeler (NASDAQ: FWLT) today announced that its Global
Engineering and Construction Group has been released to perform the
second phase scope for an existing contract with Ecopetrol S.A. for
the Project for the Modernization of the Refinery in
Barrancabermeja (PMRB) in Colombia. This release includes
additional project management consultancy (PMC) and front end
engineering design (FEED), detailed engineering for the crude unit
revamps, assisting Ecopetrol in the selection process for
engineering, procurement and construction (EPC) contracts, and
control and supervision of the EPC and construction
contractors.
Ecopetrol is proceeding with the second phase of the PMRB,
recently approved by its Board of Directors. The PRMB will add
heavy crude processing capability to take advantage of the
available domestic heavy sour crudes, and provide a processing
configuration to meet the Colombian clean fuels product
specifications. This upgrade to the refinery will eliminate fuel
oil production and increase overall profitability.
“Ecopetrol continues to demonstrate confidence in our team,”
stated Umberto della Sala, Interim Chief Executive Officer, Foster
Wheeler AG. “We are extremely pleased to continue working with
Ecopetrol on this project, and on the Cartagena Refinery Expansion
project in Colombia where we are also PMC. This confirms our
leading technical expertise and international execution
capabilities in large and complex projects.”
The contract value of this work, which was not disclosed, was
included in Foster Wheeler’s second-quarter 2011 bookings. Foster
Wheeler booked the FEED in the fourth-quarter of 2008, and has made
subsequent bookings since, as further work releases were made by
Ecopetrol. The second-quarter 2011 booking was the largest single
booking made against this contract, which was first announced by
Foster Wheeler in November 2008.
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 12,000 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, mining and metals,
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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cautions that a variety of factors, including but not limited to
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Company’s redomestication or the relocation of our principal
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the failure of such other assumptions to be realized, as well as
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to consult any additional disclosures the Company makes in proxy
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10-K and current reports on Form 8-K filed with the Securities and
Exchange Commission.
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