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Stock Market & Financial Investment News

News Breaks
March 25, 2014
07:36 EDTFWLT, OMVKYFoster Wheeler signs alliance with OMV
Foster Wheeler (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has signed an alliance agreement with OMV (OMVKY) to provide integrated project management and engineering, procurement and construction management services. Under this five-year agreement, Foster Wheeler will provide services on privileged basis for the OMV refineries located in Burghausen and Schwechat. The services to be supplied by Foster Wheeler, through specific work orders, include front-end loading for projects of any size as well as engineering, procurement and construction management services for projects up to a specified threshold limit with respect to Total Installed Cost. Bookings will be made as specific work orders are released by OMV.
News For FWLT;OMVKY From The Last 14 Days
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October 14, 2014
07:31 EDTFWLTFoster Wheeler awarded contract from PEMEX
Foster Wheeler announced that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by PEMEX REFINACIÓN for an ultra-low sulfur diesel project at the Salina Cruz refinery, Oaxaca, Mexico. Foster Wheeler’s scope of work, which also includes start-up and testing, is scheduled to be completed in 2018. The Foster Wheeler contract value was not disclosed. The initial release of work, relating to detailed design and the procurement of long-lead items, will be included in the company’s Q3 bookings. The balance of the agreed workscope is expected to be released in FY15. The investment in the Salina Cruz refinery, in excess of $500M, is part of a clean fuels program being implemented by PEMEX as a result of the country’s recent Energy Reform. The objective of the program is to significantly reduce the sulfur content of diesel produced from 500 to 15 parts per million.

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