Foster Wheeler AG announced that a subsidiary of its Global Engineering and Construction Group has been selected by Farabi Petrochemicals Company to undertake a concept study and technology selection contract for the Jazan Petrochemicals Project in Saudi Arabia.

The Foster Wheeler contract value was not disclosed and will be included in the company’s fourth-quarter 2013 bookings.

Foster Wheeler’s scope of work will include development of the overall concept for the project, which is planned to include a world-scale linear alkyl benzene plant and a range of units producing specialty chemicals derived from diesel feedstock. Foster Wheeler will also recommend the technology for the production of low aromatics solvent and for the treatment of heavy fuel oil, as well as develop a capital and operating cost estimate and the invitation to tender for the front-end engineering design. The study is scheduled for completion in the first quarter of 2014.

“We are delighted that Farabi Petrochemicals Company has awarded this important strategic study to Foster Wheeler, continuing a relationship that stretches back over a decade,” said Umberto della Sala, President and Chief Operating Officer, Foster Wheeler AG. “We look forward to making a key contribution in assisting our client to progress this significant investment, and delivering a strong performance that will position us well for subsequent phases of the project.”

“Farabi Petrochemicals are pleased to award this contract to Foster Wheeler and look forward to working with them to develop this key investment in our company’s future,” said Mohammed Al-Wadaey, President, Farabi Petrochemicals Company.

About Foster Wheeler

Foster Wheeler AG (Nasdaq:FWLT) 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.