Foster Wheeler AG (Nasdaq: FWLT) announced today that subsidiaries of its Global Engineering and Construction Group have been awarded an engineering and procurement contract by Sadara Chemical Company (Sadara) for a packaging center at Jubail Industrial City in the Eastern Province of the Kingdom of Saudi Arabia.
The packaging center will be part of a world-scale, fully integrated chemicals complex that is being built by Sadara, a joint venture between Saudi Arabian Oil Company (Saudi Aramco) and The Dow Chemical Company (Dow). When complete, the complex – the largest ever built in a single phase – will be owned and operated by Sadara. The packaging center contract has been awarded as an extension to the front-end engineering design (FEED) contract awarded to Foster Wheeler in 2008.
The Foster Wheeler contract value for the project was not disclosed and will be included in the company’s third-quarter 2012 bookings.
The packaging center, expected to be completed in the second half of 2014, will serve as a logistics handling hub for Sadara’s chemical complex. The facility will handle packaging, storage and loading of high value-added chemical products and performance plastics for road and rail transport within the Kingdom of Saudi Arabia and for export to overseas markets.“Foster Wheeler is honored to be awarded a contract by Sadara for the packaging center,” said Umberto della Sala, Chief Operating Officer of Foster Wheeler AG. “This award follows our successful completion of the FEED stage for the packaging center and reflects our client’s continued confidence in Foster Wheeler’s ability to execute large and technically complex projects. It further continues Foster Wheeler’s long-standing association with Saudi Aramco and Dow. This is the second major unit awarded to Foster Wheeler under its FEED contract with Sadara, the first being the propylene oxide unit which was awarded in December 2011 and is currently being executed by our Thailand office. Underpinned by our proven track record in providing world-class project execution and project management skills, Foster Wheeler is committed to bringing our global in-depth technical experience and expertise to assist Sadara in realizing its project and investment goals safely and with no compromise on quality.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts