Foster Wheeler Secures Project Management Consultancy Contract for Clean Fuels Upgrade Project in Korea

abarrelfullabarrelfull wrote on 08 Dec 2012 10:53

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July 28, 2004

Foster Wheeler Ltd. (OTCBB:FWLRF) announced today that a subsidiary of Foster Wheeler Limited (England) has been awarded a project management consultancy contract by Hyundai Oilbank Co., Ltd. (HDO) for a $200 million clean fuels upgrade project at the Hyundai Oilbank Refinery at Daesan, 130 kms southwest of Seoul, Korea. The value of Foster Wheeler's contract was not disclosed. The booking was included in the first quarter.

"We have been involved with this refinery since the late 1980s, when it was known as the Kukdong refinery, and we are delighted to continue our long-standing relationship," said Steve Davies, chairman and chief executive officer of Foster Wheeler Limited (England). "We are committed to helping Hyundai Oilbank realize its objectives for this fast-track project to meet new Korean legislation by bringing to the project our extensive worldwide clean fuels experience, along with our successful track record in project management consultancy."

This clean fuels project will include a new plant comprising a third 25,000 barrels per day (bpd) gas oil (heating oil) hydrotreating unit, a 20,000 bpd motor gasoline (mogas) hydrodesulfurization unit, and a 40 million standard cubic feet per day hydrogen manufacturing unit. It will also include the revamp of the second existing 35,000 bpd gas oil hydrotreating unit, plus minor offsites and utilities works.

This investment will reduce the sulfur content of the mogas from the hydrodesulfurization unit from 200 parts per million (ppm) to 30 ppm and the gas oil from the new gas oil hydrotreating unit to 10 ppm. This is being undertaken in compliance with the Korean government's environmental legislation, which comes into effect on January 1, 2006.

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