ZUG, Switzerland--(BUSINESS WIRE)--Jan. 31, 2012-- Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a feasibility study by Albanian Refining & Marketing of Oil sh.a. (ARMO) relating to the modernization of two refineries, located at Ballsh and Fier in Albania.
The Foster Wheeler contract value was not disclosed and will be included in the company’s fourth-quarter 2011 bookings.
ARMO intends to modernize the existing refineries at Ballsh and Fier to restore production to the original design capacity and produce transportation fuels in line with current European Union regulations. The study is expected to be completed by mid-2012.
ARMO, a former state-owned company privatized since 2008, owns these two refineries which serve both the domestic and the Balkans’ regional markets
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