Amec Foster Wheeler wins $604m YCI contract
StockMarketWire.com - Amec Foster Wheeler has been awarded a US$604m engineering, procurement and construction fixed price contract for part of a $1.85bn methanol plant being developed by Yuhuang Chemical Inc, a US-based subsidiary of China's Shandong Yuhuang Chemical Company Co.
The first phase of the project, which includes the construction of a 1.8 million-tonne per annum methanol plant, is being built at YCI's 1,300-acre site in St. James Parish, Louisiana, US.
Amec Foster Wheeler said the contract award reflected its strategy to grow both its chemicals business - as demand increases due to comparatively low oil and gas prices - and its EPC portfolio and followed the successful completion of an earlier phase of work at the plant awarded to Amec Foster Wheeler in 2015, covering engineering, project management, procurement and early construction services.
It said: "The deep knowledge of the plant gained over the last two years, coupled with the recent local construction experience of Amec Foster Wheeler's Power & Process business, gives an advantage for both contractor and client.
"The Power & Process business has successfully executed US$3 billion of lump sum EPC work in the last three years." Amec Foster Wheeler said that in this latest contract award it would combine the expertise and skills of its Oil, Gas & Chemicals and its Power & Process businesses to carry out specific infrastructure and utilities engineering work, the procurement of bulk items and selected tagged equipment, and the construction of the methanol plant.
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