Foster Wheeler Awarded Contract by IES for Refinery Modernization in Italy

abarrelfullabarrelfull wrote on 05 Oct 2013 07:57

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Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its Milan-based subsidiary Foster Wheeler Italiana S.p.A., part of its Global Engineering and Construction Group, has been awarded a contract by Italiana Energia e Servizi S.p.A. (IES) for the engineering, procurement and construction supervision services for a modernization project at IES' Mantua refinery in northern Italy. The refinery modernization aims to produce automotive diesel complying with European Union ultra-low-sulfur specifications and reduce refinery emissions to the environment.

The majority of Foster Wheeler's contract value, which was not disclosed, was included in the company's first-quarter 2007 bookings, and the balance will be included in the company's second-quarter 2007 bookings.

The project has been awarded to Foster Wheeler under the terms of a three-year general framework agreement for engineering, procurement and construction management services signed with IES in 2006.

The contract includes new gasoil hydrodesulfurization, sulfur recovery and amine washing units, a new flare system and utilities and offsites. Foster Wheeler will also upgrade the existing mild hydrocracking and gasoil hydrodesulfurization units, steam and electrical systems.

"We are extremely pleased with this award by IES, which follows our successful execution of the front-end engineering design for this modernization project," said Marco Moresco, chief executive officer of Foster Wheeler Italiana. "We will spare no efforts in continuing to deliver our best performance to IES."

"We look forward to strengthening our business relationship with Foster Wheeler Italiana," said Adolfo Vannucci, managing director of IES. "Our approach to the management of this project is on a collaborative partnership basis and we are confident that Foster Wheeler will provide us with superior performance in the successful implementation of this project."

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