Oct 20 2010
Foster Wheeler AG (Nasdaq: FWLT) announced today that Foster Wheeler USA Corporation, part of its Global Engineering and Construction Group, has been awarded a project management consultancy (PMC) contract by Carbon Holdings for a petrochemical complex in Ain Sokhna, Egypt with a nameplate capacity to produce 1.35 million tons per annum of polyethylene.
The terms of the contract were not disclosed.
Foster Wheeler will provide technical support and consulting services to Carbon Holdings through financial close, estimated to be late 2011. Following financial close, Foster Wheeler will book the full scope of the PMC award, which includes overseeing the activities of the selected engineering, procurement and construction contractor and subcontractors.
The world-scale facility is expected to come on-stream in 2015.
Basil El-Baz, chairman and chief executive officer, Carbon Holdings, said "We are very pleased having Foster Wheeler committed as our PMC, and this represents an important part of ensuring the success of the project."
"Foster Wheeler was awarded the PMC after a competitive bidding process in which the firm clearly demonstrated its capabilities as a leading supplier of project management services for major petrochemicals complexes," said Charles Garfinkel, chief investment officer, Carbon Holdings.