The Switzerland-based construction and engineering contractor, Foster Wheeler has announced that a subsidiary company, the Global Engineering and Construction Group, has entered into a Memorandum of Understanding (MoU) with The State Oil Company of Azerbaijan Republic (SOCAR).
As per the terms stated in the MoU, SOCAR and Foster Wheeler will develop an action plan to establish a jointly-owned company headquartered in Baku, the port city of the Republic of Azerbaijan.
A state-owned company, SOCAR intends to develop petrochemical, oil and gas processing complex in Garadag. The jointly-owned company will provide process, construction, procurement and engineering supervision. The company will also provide project management services in lieu with the development of the gas processing, oil and petrochemical complex. Additionally, services shall be rendered for downstream, midstream and upstream gas and oil projects that have been developed by SOCAR, in the Republic of Azerbaijan as well as other countries.
The Interim CEO of Foster Wheeler, Umberto della Sala stated that the two companies have the understanding and cooperation required to be a joint-venture partner as well as in the development of the Aegean oil refining facility located in Turkey.
Source: http://www.fwc.com