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Foster Wheeler Wins Another Russian Contract

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Foster Wheeler AG has a strong presence in the Russian oil & gas market, where it has executed several key contracts across various platforms. After key contracts win last month from Russia-based OJSC Khabarovsk Oil Processing Refinery, Foster’s Global Engineering and Construction Group (E&C) announced a contract win from LLC KINEF on Oct 2.

LLC KINEF is a subsidiary of the oil company Surgutneftegaz, which has the largest refineries in Russia.

The contract requires Foster Wheeler to provide engineering and material supply of nine fired heaters for the new High Octane Gasoline Compounds Production Complex. The financial details of the contract were not disclosed, but it will be included in Foster’s third quarter bookings.

This new High Octane Gasoline Compounds Production Complex is being built on the Surgutneftegaz refinery in Kirishi, Leningradsky Region, Russia. This refinery has a daily crude oil processing capacity of 230,000 barrels.  Foster expects to complete the supply of nine fired heaters by the first quarter of 2015.

Foster’s Global E&C Group designs and supplies direct-fired furnaces used in a wide range of refining, petrochemical, chemical, oil and gas processes, including fired heaters and waste heat recovery units. In addition, the Global E&C Group also designs and supplies fired heaters which form an integral part of our proprietary delayed coking and hydrogen production technologies.

Foster Wheeler is an engineering and construction company and power equipment supplier, delivering technically advanced, reliable facilities and equipment, globally. Foster Wheeler currently has a Zacks Rank #2 (Buy).  

Some other stocks in the industry worth buying at the moment are Pernix Group Inc. , Michael Baker Corp. and VSE Corp. . Micheal Baker has a Zacks Rank #1 (Strong Buy), while Pernix and VSE have a Zacks Rank #2 (Buy).  

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