Foster Wheeler Awarded Study Contract For Fuel Oil Upgrading by Preem Petroleum AB, Sweden

abarrelfullabarrelfull wrote on 10 Dec 2012 12:05

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May 3, 2005

Foster Wheeler Ltd. (OTCBB: FWHLF) announced today that its UK subsidiary Foster Wheeler Energy Limited has been awarded a study contract by Preem Petroleum AB of Sweden for fuel oil upgrading at its Gothenburg and Lysekil refineries. The terms of the award were not disclosed. The project will be included in the company's first-quarter bookings for 2005.

"Foster Wheeler is delighted to be awarded this contract by Preem,” said Steve Davies, chairman and chief executive officer of Foster Wheeler Energy Limited. “We are assisting Preem in developing an investment ‘road map' for upgrading fuel oil to higher value products, such as gasoline, diesel or power. Working in an integrated team with Preem, we will bring our in-depth expertise in residue upgrading and refinery investment planning, together with Preem's detailed understanding of their own operations, to develop the optimal processing schemes to meet our client's business objectives over the next 10-15 years.”

The study will consider a wide range of options for fuel and residue upgrading, and select the most economic schemes for further evaluation in the next phase of the work. It will also determine the feedstocks to be used and the unit capacities to be considered for fuel oil upgrading facilities, which will be added to the two existing refineries.

“Preem is pleased to be working with Foster Wheeler on this important strategic study,” commented Robert Onsander, senior vice president of Preem Petroleum AB. “Foster Wheeler has demonstrated its extensive knowledge in investment planning and refining technologies to help Preem in meeting the company's future business objectives. This award continues the successful relationship that Preem has built up with Foster Wheeler over many years of working together.”

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