Foster Wheeler Awarded PMC Contract by STAR Rafineri for Grassroots Refinery in Turkey
January 08 2014 - 7:30AM
Business Wire
Foster Wheeler AG (Nasdaq:FWLT) announced today that a
subsidiary of its Global Engineering and Construction (E&C)
Group has been awarded a contract by STAR Rafineri A.Ş., a
subsidiary of SOCAR Turkey, for project management consultancy
(PMC) services for its grassroots Aegean Refinery to be built
within the Petkim Petrokimya A.Ş. (PETKİM) facilities at Aliağa,
Turkey.
Foster Wheeler's contract value was not disclosed and was
included in the company's third-quarter 2013 bookings.
The new refinery is designed to process a range of different
crude oils, including Urals, Azeri Light and Kirkuk, with a
processing capacity of 10 million tons of crude oil per year. It is
expected to start operations in 2017 and to produce a range of
products including jet fuel, diesel, naphtha, petroleum coke and
liquid petroleum gases.
Foster Wheeler executed the front-end engineering design (FEED)
for the entire refinery and also provided the license and basic
design package for the delayed coker, which will use Foster
Wheeler’s leading SYDEC(SM) delayed coking technology.
“Having successfully delivered a high quality FEED, we are very
pleased to continue to play a key role in this strategic investment
in Turkey,” said Roberto Penno, Chief Executive Officer of Foster
Wheeler’s Global E&C Group. “We believe that our proven project
management and refining capabilities, our experience in executing
mega-projects, and our long-established operation in Turkey were
all instrumental in our success in winning this contract.”
“This refinery will significantly reduce Turkey’s dependence on
imports of many petroleum derivatives, and so it is a strategically
important investment,“ said Kenan Yavuz, Chief Executive Officer,
SOCAR Turkey. “Foster Wheeler’s project management and project
execution expertise is well-known, and we are confident that the
Foster Wheeler team will make a valuable contribution to the
success of this mega-project.”
Foster Wheeler AG is a global engineering and construction
company 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, minerals 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 Reading,
United Kingdom. For more information about Foster Wheeler, please
visit our Web site at www.fwc.com.
Safe Harbor Statement
Foster Wheeler AG 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 the Company’s most recent Annual Report on
Form 10-K for the quarter ended March 31, 2013 which was filed with
the U.S. Securities and Exchange Commission, and the following,
could cause the Company’s business conditions and results to differ
materially from what is contained in forward-looking statements:
benefits, effects or results of the Company’s redomestication to
Switzerland, benefits, effects or results of the Company’s
strategic renewal initiative, further deterioration in global
economic conditions, changes in investment by the oil and gas, oil
refining, chemical/petrochemical and power generation industries,
changes in the financial condition of its customers, changes in
regulatory environments, changes in project design or schedules,
contract cancellations, the 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 the Company’s global operations, currency fluctuations,
war, terrorist attacks and/or natural disasters affecting
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 the Company’s patents and other
intellectual property rights, increasing global competition,
compliance with its 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 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 or furnished with to the
Securities and Exchange Commission.
SOCAR Turkey Enerji A.Ş.
SOCAR Turkey Energy Co. is a joint venture of the State Oil
Company of Azerbaijan (SOCAR) and Petkim Petrokimya Holding A.Ş. of
Turkey. For more information, see www.socar.com.tr/en
Foster Wheeler AGMedia:Patti Landsperger, +1
908-713-2944patti_landsperger@fwc.comorCristiana Monti, +39 02 4486
2135Cristiana_monti@fwceu.comorInvestor Relations:Scott
Lamb, +1 908-730-4155scott_lamb@fwc.comorSOCAR Inquiries:+1
908-730-4000fw@fwc.comorMedia:Necla Demirci, +90 533 020
2347necla.demirci@socar.com.tr
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