ZUG, Switzerland--(BUSINESS WIRE)--Foster Wheeler (NASDAQ: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by Petron Corporation (Petron) for the Petron Refinery Master Plan-2 Project in Bataan, Philippines. Foster Wheeler will execute detailed engineering and procurement services for the delayed coker unit (DCU), including the engineering and material supply of two double-fired Terrace WallTM coker heaters. The DCU will have a design capacity of 37,500 barrels per stream day and is a key part of this significant refinery upgrade.
The Foster Wheeler contract value was not disclosed and was included in the company’s third-quarter 2011 bookings. The award for the delayed coker heaters was included in the company’s second-quarter 2011 bookings.
This award follows an earlier award for the process design package and technology license for the DCU, which will use the company’s leading Selective Yield Delayed Coking (SYDECSM) process.
“We are very focused on leveraging coking technology wins into larger workscopes,” said Umberto della Sala, Chief Operating Officer of Foster Wheeler AG. “Coker units are complex, and we always recommend Foster Wheeler detailed engineering and critical procurement to realize the full operational benefits of our well-designed, well-constructed delayed coking unit. We believe that this award reflects Petron’s confidence in the added value that we will bring to this project and in our fast-track, cost-effective execution plan.”
Foster Wheeler’s SYDEC process is a thermal conversion process used by refiners worldwide to upgrade heavy residue feed and process it into high value transport fuels. The SYDEC process can be designed to maximize clean liquid yields while minimizing fuel coke yields from high sulfur residues. By installing a SYDEC unit, a refinery owner is able to process heavier crudes, which sell at a discount to the benchmark light, sweet crudes, thereby allowing the owner to receive the benefit of increased refining margins.
Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
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