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A subsidiary of Foster Wheeler AG’s (FWLT - Analyst Report) Global Engineering and Construction Group recently signed an agreement to provide technical services to Russia-based OJSC Khabarovsk Oil Processing Refinery. The financial terms of the deal remain undisclosed and the order will be booked when OJSC releases the work.

The scope of the agreement requires Foster to provide technical services for a complex that includes a hydrocracker, hydrotreater, hydrogen unit, along with other units that treat impurities including amine, sulfur, sour water, vapor and also the waste waters.

Foster will also provide technical services for a ground flare, pump houses and a tank farm. The technological base for the hydrogen plant will be Terrace Wall, a proprietary steam methane reforming technology developed by Foster.

Foster has a decade long work experience on this Hydro-Processing Complex, as it had provided the Front End Engineering Designs (FEED) along with designs for the hydrogen production facility and steam reformers. Foster has also been providing consultancy services in the Engineering, Procurement and Construction (EPC) phase of the project. OJSC’s intent behind this project is to manufacture lighter products which have relatively higher values.

Foster Wheeler’s Global E&C Group provides technical and economic analyses and study reports to owners, investors, developers, operators and governments. These services include concept and feasibility studies, market studies, asset assessments, environmental assessments, energy and emissions management, product demand and supply modeling and technology evaluations.

Foster currently has a Zacks Rank #2 (Buy). Other stocks in the industry worth buying at the moment are Michael Baker Corp. , which holds a Zacks Rank #1 (Strong Buy), Pernix Group (PRXG) and VSE Corp. (VSEC - Snapshot Report), both having a Zacks Rank #2 (Buy). 

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