Foster Wheeler Awarded Front-End Engineering Design Contract for Greek Refinery Upgrade

abarrelfullabarrelfull wrote on 07 Dec 2012 13:38

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Mar 07, 2006

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that Foster Wheeler Italiana S.p.A., part of its Global Engineering and Construction Group, has been awarded a front-end engineering design (FEED) contract by Hellenic Petroleum S.A. (HELPE) for the upgrade of the Elefsina refinery in Greece.

The terms of the award were not disclosed and the contract was included in Foster Wheeler's fourth-quarter 2005 bookings.

Foster Wheeler Italiana's scope of work includes the selection of technology licensors for certain of the new process units, and coordination of the licensors during the FEED phase. Foster Wheeler will provide a complete process design package, and will also carry out basic engineering, preparation of studies for the necessary permits, early procurement, and preparation of the invitation to bid package for the engineering, procurement and construction phase.

"This award confirms Foster Wheeler's strong presence in the South Mediterranean region and, in particular, in the vibrant Greek refinery market," said Umberto della Sala, chief executive officer of Foster Wheeler's Global Engineering and Construction Group. "HELPE is an important client with whom we have a long-standing relationship, and we look forward to delivering another successful project which meets our client's high expectation of Foster Wheeler."

"We have selected Foster Wheeler Italiana after a competitive tender, in consideration not only of the competitive price, but also of the aggressive project schedule and the highly experienced Foster Wheeler resources made available for the execution of this FEED," said Harry Panitsidis, project director, HELPE.

The FEED phase of the project is expected to be complete by the end of 2006.

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