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Foster Wheeler Secures EPC Contract for $18 Million Clean Fuels Project in Saudi Arabia

Source: www.gulfoilandgas.com 4/5/2004, Location: Middle East

HAMILTON, Bermuda, Apr 5, 2004 -- Foster Wheeler Ltd. (OTCBB: FWLRF) announced today that its subsidiary Foster Wheeler Energy Limited has been awarded a contract to proceed with the detailed engineering, procurement and construction planning for the low-sulfur automotive diesel oil (LSADO) project for Saudi Aramco Mobil Refinery Co Ltd (SAMREF) based at Yanbu, Saudi Arabia. The total investment value of the project is $18 million. The terms of the Foster Wheeler contract were not disclosed.

The commencement of the work follows the completion, by Foster Wheeler, of the front-end engineering design (FEED) for the project in October 2003. The LSADO project upgrades existing refinery facilities to produce low-sulfur diesel products in line with increasingly stringent environmental requirements in Saudi Arabia and internationally.

Ian Bill, chairman and chief executive of Foster Wheeler Energy Limited, said: ''We are very pleased to undertake this contract for SAMREF, following on from a series of successful projects at this refinery over the last ten years.''

Foster Wheeler is executing the contract primarily from Reading, its UK office, with significant participation from Chennai, its India office, in line with Foster Wheeler's strategy of delivering competitive services drawn from its worldwide resource network.

The project is scheduled for completion in the refinery turnaround early in 2006.


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