Foster Wheeler Serves as REFICAR's PMC for REFICAR Refinery Project in Colombia

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Dec 15, 2009

Foster Wheeler AG (Nasdaq: FWLT) announced today that Refinería de Cartagena S.A. (REFICAR) has accepted the offer by a joint venture of Foster Wheeler USA Corporation and Process Consultants, Inc. (a Foster Wheeler company) to serve as REFICAR's consultant (PMC) for the expansion of the Cartagena refinery in Colombia.

The project will expand the refinery's capacity from 80,000 barrels per day (bpd) to 165,000 bpd. It will also improve the fuel quality to meet Colombian and international environmental specifications. The upgraded facility will produce ultra low sulfur gasoline and diesel from a heavy crude oil slate.

Overall investment for the upgrade project is over US$3 billion. Foster Wheeler's award value, which was not disclosed, will be included in the company's fourth-quarter 2009 bookings.

Umberto della Sala, president and chief operating officer of Foster Wheeler AG, said, "This award is a reflection of the excellent work that Foster Wheeler has been providing to Ecopetrol and indicates our client's continued confidence in our project management capabilities. We are very pleased to be recognized for our experience, capabilities and resources to support the REFICAR project This work follows the award of a similar project by Ecopetrol last year for the front-end design, PMC and partial engineering, procurement and construction of the Barrancabermeja refinery expansion project. The synergies between the two projects will be maximized to deliver added value for Ecopetrol and REFICAR and to ensure project success."

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