Huntsman Corporation (HUN)

[MrBruce]

Foster Wheeler wins FEED contract for Huntsman petrochemicals project in China

March 31, 2011

Source: Foster Wheeler

Foster Wheeler AG (Nasdaq: FWLT) has received a contract from Huntsman (NYSE:HUN) to undertake the front-end engineering design (FEED) for the expansion of Huntsman's Isocyanates Facility at Caojing, in Shanghai, People's Republic of China. Isocyanates are used in the production of polyurethanes which have a wide range of uses in the plastics industry.

The Foster Wheeler contract value for this project was not disclosed and will be included in the company's first-quarter 2011 bookings.

Foster Wheeler's scope will include front-end engineering, technology licensor management and development of the project schedule and cost estimates. The FEED phase of the project is scheduled for completion in the third quarter of this year, with the overall project scheduled for mechanical completion by the fourth-quarter of 2013.

"Key to Huntsman awarding this project to us was our depth of experience in the technologies involved, the quality of our project team and proven execution capability of our Chinese operation in Shanghai," said Umberto della Sala, interim chief executive officer, Foster Wheeler AG. "We worked with Huntsman on the original development of this facility and will bring this wealth of experience to the planned expansion."