ZUG, Switzerland--(BUSINESS WIRE)-- Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by The World Bank Group to provide consulting services in the field of carbon capture and transportation in China.
The value of the award was not disclosed and will be included in Foster Wheeler’s third-quarter 2012 bookings.
The World Bank has launched an analytical and advisory assistance program in China in order to build the country’s understanding of, and capacity for, application of carbon capture and storage (CCS).
Foster Wheeler will support this program, which is financed by the World Bank under its CCS Trust Fund, whose goal is to build know-how and capability for this technology in developing countries. The main objective for Foster Wheeler under its contract is to strengthen the CCS and transportation know-how of the China Power Investment Corporation (CPI), one of the largest power producers in China, and of relevant government institutions.
Foster Wheeler’s scope of work is expected to be completed in June 2013.
Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, mining and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.
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Foster Wheeler AG
Julie Stanisz, 908-730-4047
Cristiana Monti, +39-02-4486-2135
Scott Lamb, 908-730-4155
Source: Foster Wheeler AG