Foster Wheeler Awarded UAE Refinery Feasibility Studies by Takreer

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August 30, 2006

Foster Wheeler Ltd. (Nasdaq: FWLT) announced today that its subsidiary Foster Wheeler International Corporation (Abu Dhabi branch), part of its Global Engineering and Construction Group, has been awarded a contract by Abu Dhabi Oil Refining Company (TAKREER) for a detailed feasibility study for a grassroots refinery to be located alongside TAKREER's existing Ruwais refinery in the United Arab Emirates. TAKREER is the refining arm of the Abu Dhabi National Oil Company (ADNOC). Foster Wheeler has also won a feasibility study for a new visbreaker unit at the existing Ruwais refinery.

The Foster Wheeler contract values for both projects were not disclosed. The grassroots refinery study was included in the company's second-quarter 2006 bookings, and the visbreaker study will be included in the third-quarter 2006 bookings.

Both feasibility studies are scheduled for completion by the end of 2006. Foster Wheeler will review all commercially available and proven technologies for the production of high quality distillates and for residue upgrading, and it will also develop optimized process configurations, cost estimates, project implementation schedules and the requirements for the front-end engineering design phase. The study for the grassroots refinery also includes a proposed new sub-sea crude pipeline.

“We are pleased to be awarded further study work by TAKREER, having already completed a feasibility study to increase gasoline production and to produce aromatics at Ruwais,” said Steve Davies, executive vice president of FWIC. “Our technical experts have particular strengths in refinery investment planning and in refinery/petrochemical integration. In addition, because we are also a global engineering, procurement and construction contractor with tremendous experience in designing and building refinery projects, our proposed process schemes will draw upon our project implementation experience and support the client's business objectives in the market. ”

“We are pleased to have Foster Wheeler working with us again at Ruwais, to assist us in mapping out the future direction of our facilities. The new facilities will further enhance TAKREER's competitive position in the marketplace,” commented Mansoor Al-Mehairbi, business development manager, TAKREER.

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