Foster Wheeler Awarded Two Contracts by ERG Raffinerie Mediterranee in Italy

abarrelfull wrote on 08 Dec 2012 10:55
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June 15, 2004

Foster Wheeler Ltd. (OTCBB:FWLRF) announced today that its subsidiary Foster Wheeler Italiana has been awarded two contracts by ERG Raffinerie Mediterranee (ERGMED) for the expansion of the existing power station and for the realization of a new ultra-desulfurization unit at ERGMED's owned and operated ISAB Refinery (South Plants) at Priolo Gargallo, Italy. Both contracts call for Foster Wheeler to provide engineering, procurement and construction supervision services (EPC).

Total investment cost of the two projects is in excess of $160 million. The terms of the contracts were not disclosed.

The expansion of the existing power station consists of one 72 MW turbogas and one heat recovery steam generator (HRSG) with postfiring and will bring the total capacity of the power plant to 99 MW. The ultra-desulfurization unit will produce gasoil with low sulfur content (less than 10 ppm) in order to meet the new European Specifications for Auto Oil.

Both plants will be completed by the end of 2005.

"The award of these two contracts reinforces the longstanding relationship that Foster Wheeler Italiana has with ERG and is a recognition of our ability to deliver plants to the full satisfaction of our clients," said Umberto della Sala, president and chief executive officer, Foster Wheeler Continental Europe.

The contracts were booked in the fourth quarter of 2003 and the first quarter of 2004.

• Foster Wheeler Awarded Two Contracts by ERG Raffinerie Mediterranee in Italy

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