Foster Wheeler Awarded Refinery Modernization Contracts by PETROM in Romania

abarrelfull wrote on 07 Dec 2012 12:22
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Apr 13, 2010

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded contracts by PETROM S.A. for investments which form part of PETROM's Petrobrazi Modernization Project, a major refinery modernization project being implemented at the Petrobrazi Refinery in Ploesti, Romania. PETROM is majority-owned by OMV AG of Austria and is described as the largest oil and gas producer in Southeast Europe.

Foster Wheeler will provide front-end engineering design (FEED) modification services and engineering, procurement and construction management (EPCm) for the revamp of an atmospheric/vacuum distillation unit at the refinery. In addition, the company has been awarded an EPCm contract for a new amine unit and the FEED for the revamp of a delayed coking unit.

The Foster Wheeler contract value for these awards was not disclosed and has been included in the company's fourth-quarter 2009 bookings.

"These projects are part of a very ambitious plan," said Neil A. Morgan, Executive Board Member, Refining Division, PETROM. "We are determined to position Petrobrazi as the premier refinery in Romania and to succeed in such a challenging endeavor, we have engaged a reliable, highly reputable and experienced contractor like Foster Wheeler."

Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. Petrom exploits estimated proved oil and gas reserves of 0.823 bn boe in Romania (0.854 bn boe at Group level), has an annual refining capacity of 8 mn t and holds around 550 filling stations in Romania. The company also has an international network of 268 filling stations located in Moldova, Bulgaria and Serbia. In 2009 the turnover of Petrom was EUR 3,029 mn, EBITDA was EUR 696 mn. OMV Aktiengesellschaft, the leading energy group in the European growth belt holds a 51.01% share in Petrom. OMV is active in 13 Central European countries in its Refining and Marketing business segment and in 17 countries on four continents in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% are owned by minority shareholders.

• Foster Wheeler Awarded Refinery Modernization Contracts by PETROM in Romania

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