Foster Wheeler Awarded FEED/PMC Contract for New Petrochemicals Complex in Saudi Arabia

Foster Wheeler Ltd's subsidiary, Foster Wheeler Energy Limited, part of its Global Engineering and Construction Group, has been awarded a front-end engineering design (FEED) and project management consultancy (PMC) services contract by Osos Petrochemicals Company (which company is in formation) for a planned new petrochemicals complex to produce polybutylene terephthalate at Yanbu, Kingdom of Saudi Arabia.

In executing the FEED, Foster Wheeler's role will also include the basic design for the utilities and offsites of the project. The Company will provide PMC services up to engineering, procurement and construction (EPC) award and will be involved in the preparation of a project cost estimate, issuance of an invitation to bid for the EPC phase, evaluation of EPC bids and assistance with EPC award.

The new petrochemicals complex comprises four licensed technology process units plus associated utilities, offsites and common facilities. The complex will produce 60,000 tonnes per annum of polybutylene terephthalate, a plastic used as an insulator in the electrical and electronics industries.

"We are pleased to assist Osos Petrochemicals in realizing its first petrochemicals complex, a key element of Osos Petrochemical's strategic plan to build added-value petrochemical derivatives in the Kingdom," said Steve Davies, chairman and chief executive officer, Foster Wheeler Energy Limited. "Foster Wheeler is playing a key role in the development of the petrochemicals sector in Saudi Arabia and is currently managing over US$20 billion of petrochemical project investments for Saudi Arabian clients."

"Osos Petrochemicals has selected Foster Wheeler after proper evaluation and looks forward to building a relationship as we develop our petrochemicals investment in Saudi Arabia," commented Mubarak A. Al-Khater, managing director, Osos Petrochemicals Complex.

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Posted 15/02/07

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