Foster Wheeler Wins Oil Refinery Feasibility Study in Uganda

abarrelfullabarrelfull wrote on 08 Apr 2013 11:43
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Feb 02, 2010

Foster Wheeler AG (Nasdaq: FWLT) announced today that its Global Engineering and Construction Group has been awarded a contract by The Government of the Republic of Uganda to undertake a feasibility study for the development of an oil refinery with a capacity of up to 150,000 barrels per day in Uganda.

The Foster Wheeler contract value for this project was not disclosed and will be included in the company's fourth-quarter 2009 bookings.

Foster Wheeler's scope of work will include the development of the location and configuration of the planned refinery, which will process Ugandan crude. The study, which is scheduled for completion in mid-2010, will also include the assessment of options for the development of the oilfield, crude transportation, and an evaluation of the relative economics of developing the new refinery versus alternative options, including pipelines, for exporting the crude oil.

"We are pleased to be involved in the first oil refinery project in Uganda. Our proven track record in objectively evaluating a wide range of options for upstream oil and gas field development and for attaining the optimum configuration for grassroots refineries, together with our expertise in projects in remote locations, mean we are ideally positioned to help the Ugandans achieve a viable, realistic plan for implementing this important project," said Umberto della Sala, president and chief operating officer, Foster Wheeler AG.

"This process attracted 35 companies which expressed interest in undertaking the study. Out of these, six were contacted to submit their proposals and the proposal of Foster Wheeler was considered the best," said Fredrik Kabagambe-Kaliisa, the Energy and Mineral Development Permanent Secretary for the Ugandan Government.


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