Foster Wheeler Enters into Collaboration Agreement with ZeoGas LLC on US Gulf Coast Gas-to-Gasoline Plant
Foster Wheeler AG (NASDAQ:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has entered into a Collaboration Agreement with ZeoGas LLC. In the first instance, Foster Wheeler will support ZeoGas’ final site selection and project planning towards the development of ZeoGas’ first fuels manufacturing plant, to be located on the US Gulf Coast.
The terms of the agreement were not disclosed, and the contract value for an initial release of work related to the development of a cost estimate and assistance in final site selection and due diligence will be included in the company’s third-quarter 2014 bookings. Further bookings will be made as work is released by ZeoGas.
ZeoGas’ “Syngas to ZeoGas TM” Process (STZ TM) converts a variety of feedstocks to synthesis gas and then to transportation fuels. ZeoGas previously announced that it has licensed from Air Liquide Global E&C Solutions, a subsidiary of Air Liquide Group, the world leader in gases, technologies and services for Industry and Health, (“Air Liquide”) its 5,000 metric ton per day MegaMethanol(R) production process technology for its first plant to convert clean natural gas feedstock to syngas and then to methanol. ZeoGas has also announced that it has licensed ExxonMobil Research and Engineering Company’s (EMRE) methanol to gasoline (MTG) technology to produce RON 92, zero-sulfur, low benzene gasoline.
“Our first plant is unique because it’s based exclusively on two proven, commercial-scale technologies and provides a significant volume of product derived from plentiful natural gas. Our partnership with Foster Wheeler completes the integrated approach ZeoGas has taken in developing our technology and engineering teams around global leaders that have deep experience with these proven technologies and in successfully delivering world-scale projects,” said Timothy D. Belton, Founder and CEO of ZeoGas. “Foster Wheeler is one of the largest and most reputable global engineering, procurement, and construction firms serving the petroleum and petrochemical industries. We expect this collaboration to be the foundation for building a portfolio of ZeoGas STZ TM plants in North America and elsewhere.”
“Foster Wheeler has a longstanding track record in the development and safe, successful delivery of technically complex, world-scale projects, and in-depth technical expertise in a wide range of innovative gas-to-products solutions. We have a talented team working on ZeoGas’ exciting planned investment and I believe we have already established the very close working partnership with ZeoGas that will enable us to add real value during the development of this ground-breaking project,” said Roberto Penno, Chief Executive Officer, Foster Wheeler Global Engineering and Construction Group.
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 13,000 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, minerals 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 Reading, United Kingdom. For more information about Foster Wheeler, please visit our website at www.fwc.com.
About ZeoGas LLC
ZeoGas is developing the first of what it expects to be a portfolio of plants to convert plentiful and clean natural gas into zero sulfur, reduced benzene gasoline, using a unique processing strategy. The first ZeoGas plant will employ Air Liquide Global E&C Solutions, a subsidiary of Air Liquide Group, Inc.’s MegaMethanol (R) technology, licensed for upfront methanol production and ExxonMobil Research and Engineering Company’s methanol to gasoline technology, licensed for zero sulfur gasoline production. Its management team represents over 80 years of collective experience managing complex organizations and the engineering, permitting, construction and operation of large-scale chemical processing plants. For more information on ZeoGas, please visit www.zeogas.com.
Safe Harbor Statement
Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company’s most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 27, 2014, and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: the timing and success of the proposed offer and acquisition of the Company by AMEC plc, the risk that the Company’s business will be adversely impacted during the pending proposed offer and acquisition of the Company by AMEC plc, benefits, effects or results of the Company’s redomestication to Switzerland, deterioration in global economic conditions, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, the changes in estimates made by the Company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to the Company’s global operations, currency fluctuations, war, terrorist attacks and/or natural disasters affecting facilities either owned by the Company or where equipment or services are or may be provided by the Company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of the Company’s patents and other intellectual property rights, increasing global competition, compliance with its debt covenants, recoverability of claims against the Company’s customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with or furnished to the Securities and Exchange Commission.
Sorry. No data so far.