Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded the pre-front-end engineering design and the front-end engineering design contract by Kuwait National Petroleum Company (KNPC) for a new onshore LNG import and regasification terminal to be built in Kuwait.
The Foster Wheeler contract value for this project was not disclosed and was included in the company’s fourth-quarter 2013 bookings.
Foster Wheeler has previously completed conceptual and detailed feasibility studies for the terminal, to assist in the selection of the most suitable technology and location for the new terminal. The new terminal will have a design send-out capacity of approximately 1,500 million standard cubic feet per day (MMscf/d) of gas, with four full-containment LNG storage tanks, each of 180,000 cubic meters. The design will also allow for future expansion(s) up to 3,000 MMscf/d and the installation of a further four LNG storage tanks of the same capacity as the initial four tanks. Foster Wheeler will work with a local partner in executing this work, which is scheduled to be completed in October 2014. KNPC plans to start commercial operation of the terminal in 2020.
“We are pleased to receive this award, which demonstrates KNPC’s satisfaction with the studies we have completed and their confidence in our LNG expertise,” said Roberto Penno, Chief Executive Officer, Global E&C Group, Foster Wheeler AG. “In addition to our LNG expertise, we also have a very strong track record in winning and successfully executing large, complex projects in the Middle East, a strategically important region for Foster Wheeler.”