Foster Wheeler readies for second phase of Ecopetrol's refinery modernization in Colombia

Source: Foster Wheeler

Foster Wheeler (NASDAQ:FWLT) has been released to perform the second phase scope for an existing contract with Ecopetrol S.A. (NYSE:EC) for the Project for the Modernization of the Refinery in Barrancabermeja (PMRB) in Colombia.

This release includes additional project management consultancy (PMC) and front end engineering design (FEED), detailed engineering for the crude unit revamps, assisting Ecopetrol in the selection process for engineering, procurement and construction (EPC) contracts, and control and supervision of the EPC and construction contractors. 

Ecopetrol is proceeding with the second phase of the PMRB, recently approved by its Board of Directors. The PRMB will add heavy crude processing capability to take advantage of the available domestic heavy sour crudes, and provide a processing configuration to meet the Colombian clean fuels product specifications. This upgrade to the refinery will eliminate fuel oil production and increase overall profitability. 

"Ecopetrol continues to demonstrate confidence in our team," stated Umberto della Sala, Interim Chief Executive Officer, Foster Wheeler AG. "We are extremely pleased to continue working with Ecopetrol on this project, and on the Cartagena Refinery Expansion project in Colombia where we are also PMC. This confirms our leading technical expertise and international execution capabilities in large and complex projects." 

The contract value of this work, which was not disclosed, was included in Foster Wheeler's second-quarter 2011 bookings. Foster Wheeler booked the FEED in the fourth-quarter of 2008, and has made subsequent bookings since, as further work releases were made by Ecopetrol. The second-quarter 2011 booking was the largest single booking made against this contract, which was first announced by Foster Wheeler in November 2008.

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