Foster Wheeler Awarded Major EPC Contract for World-Scale Integrated Refinery/Petrochemical Complex in Saudi Arabia

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Feb. 14, 2006

Foster Wheeler Ltd. (Nasdaq:FWLT) announced today that its subsidiaries Foster Wheeler Energy Limited and Foster Wheeler Arabia, Ltd. have been awarded an engineering, procurement and construction (EPC) contract by Rabigh Refining and Petrochemical Company (PETRORabigh) for the utilities and offsites of PETRORabigh's world-scale, integrated refining and petrochemical complex at the Red Sea town of Rabigh, Saudi Arabia. PETRORabigh is a joint venture between Saudi Aramco and Sumitomo Chemical Co. Limited. The Foster Wheeler contract value was not disclosed and the project will be included in the company's first-quarter 2006 bookings.

"The award of this contract for one of the world's most significant refinery/petrochemical investments reinforces our position as a leading engineering, procurement and construction contractor," said Steve Davies, chairman and chief executive officer of Foster Wheeler Energy Limited. "We have been working with PETRORabigh on the overall Rabigh Development Project for 18 months executing the feasibility study and developing the front-end engineering design. We will combine our in-depth knowledge of this integrated refinery and petrochemicals complex, together with our proven EPC project execution expertise, to deliver a world-class performance for the offsites and utilities which are critical to the whole development."

Foster Wheeler will undertake detailed design, procurement and management of the construction contractors for:

The utilities and offsite facilities, including all interconnecting process and utility piping for the complex;

  • Flare, water, air and power systems;
  • Instrumentation and control rooms;
  • Main electrical distribution substations, firewater systems, blending and metering; and
  • Refurbishment and change in duty of existing tankage and roads.

Saudi Aramco's existing refinery and infrastructure at Rabigh will serve as the base platform for this major development. When completed, this will be one of the largest integrated refining and petrochemical projects ever to be built at one time. A total of 2.4 million tonnes of petrochemical solids and liquids, along with large volumes of gasoline and other refined products, will be produced. As part of the development, the refinery is being upgraded to produce more transportation fuels. A new high-olefins fluid catalytic cracker complex is being integrated with a world-scale, ethane-based cracker, producing approximately 1.5 million tonnes per year of ethylene, 900,000 tonnes per year of propylene, and 60,000 barrels per day of gasoline as well as other refined products. Downstream units will convert all of the olefin production into petrochemical products, such as linear low-density polyethylene, high-density polyethylene, polypropylene, propylene oxide and mono ethylene glycol.

Construction will commence during the first quarter of 2006 and the project is planned for completion in 2008.

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