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Foster Wheeler subsidiary inks MOU to form jointly-owned company with SOCAR

July 19/2011

(Plastemart) -- Foster Wheeler AG subsidiary of its Global Engineering and Construction Group has signed a Memorandum of Understanding (MoU) to cooperate to form a jointly-owned company with The State Oil Company of Azerbaijan Republic (SOCAR) in the Republic of Azerbaijan. The new jointly-owned company will focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex. The new entity will provide the same services for upstream, midstream and downstream oil and gas projects developed by SOCAR both in the Republic of Azerbaijan and in other countries.


In line with the principles outlined in the MoU, Foster Wheeler and SOCAR will prepare a joint action plan for the establishment and incorporation of the new company, with its headquarters in Baku.


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