Foster Wheeler Awarded $90 Million EPC Contract for Major Clean Fuels Project in New Zealand
Business Wire - October 02, 2003 09:00
HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 2, 2003--Foster Wheeler (NYSE: FWC) has announced it has been awarded a $90 million contract by the New Zealand Refining Company Ltd. (NZRC) for the Future Fuels clean fuels project. The contract, which is the second stage of the project, covers the full engineering, procurement and construction (EPC) part of the project up to ready-for-start-up with assistance for the commissioning of the plant.
Located at Whangarei, North Island, New Zealand, the contract involves the modification of New Zealand's sole refinery to produce low-sulfur diesel fuel and low-benzene, -sulfur and -aromatics gasoline. Foster Wheeler plans to carry out engineering and procurement from its office in Sriracha, Thailand, one of four Foster Wheeler execution centers in the Asia Pacific region. The project management team will reside in New Zealand.
During the first stage of the contract, which has now been completed, Foster Wheeler supported NZRC in producing an EPC sanction package from a number of separate basic design engineering packages (BDEPs) and assisted in the development of the total installed cost estimate. Details of this project include new processing units for hydrodesulfurization, benzene removal and hydrogen separation, as well as integration into the existing facilities. Foster Wheeler is working on the refinery to ensure compliance with forthcoming changes to New Zealand's national transport fuel specifications. These require reduced sulfur in automotive diesel fuel (50 ppm or less) and reduced benzene (one percent by volume), sulfur and aromatics content in motor gasoline by January 1, 2006.
Steve Davies, managing director, sales, marketing & strategic planning, Foster Wheeler, said, "This second award of work by the New Zealand Refining Company further reinforces their trust and faith in our ability to deliver a world-class project within budget and on deadline. This is a flagship project in New Zealand and represents the largest investment in this refinery for 20 years."
Work began on the site in September 2003 and start-up of the new facilities is scheduled for August 2005.
This project was included in second-quarter 2003 new orders and backlog.
Notes to Editors:
1. Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and
management, research and plant operation services. Foster
Wheeler serves the refining, oil and gas, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and
healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA. For more information about Foster Wheeler, visit
our Web site at www.fwc.com.
2. Safe Harbor Statement
This news release contains forward-looking statements about
contracts, financial terms and customer relations that are
based on management's assumptions, expectations and
projections. Such forward-looking statements are inherently
uncertain and could be affected by changes in our customer's
financial condition, changes in project design or schedule,
contract cancellations and interest rate and currency
fluctuations, and war and/or terrorist attacks on facilities
either owned or where equipment or services are or may be
provided.
CONTACT: Foster Wheeler Ltd.
Media:
Richard Tauberman, 908-730-4444
or
Other Inquiries:
908-730-4000
News 
Market Data 
Discover 
AI
