Foster Wheeler is Awarded Contract for Largest CFB Boilers in China

Foster Wheeler Ltd. (NYSE:FWC) announced that its U.S. and China-based subsidiaries have been awarded contracts by Sinopec International and its refining unit, Zhenhai Refining and Chemical Company, for the design and supply of two 410 ton/hour circulating fluidized-bed (CFB) boilers at their fertilizer plant fuel alteration project.

The contract is valued at approximately $25 million and represents the largest CFB project and largest individual CFB boilers in China. They are designed to burn a combination of coal and petcoke. Sinopec has been an industry leader in China in applying clean coal/coke technology to its facilities.

The boiler fuel will include a high-sulfur petroleum coke but will meet an emission level well below globally accepted limits. The fertilizer plant, located near the refinery, will have ready access to petroleum coke.

The new CFBs will replace an existing oil-fired boiler. Operation of the new units is anticipated in 2003, by which time Sinopec's various facilities will have eight Foster Wheeler CFBs in operation, including two others supplied to Zhenhai Refining and Chemical Company in 1998/99.

1. Foster Wheeler Ltd. is a global company offering, through its

subsidiaries, a broad range of design, engineering,

construction, manufacturing, project development and

management, research, plant operation and environmental

services. The corporation is based in Hamilton, Bermuda, and

its operational headquarters are in Clinton,

2. China Petroleum and Chemical Corporation (Sinopec Corp.) is a

joint-stock company with integrated upstream and downstream

operations and a complete marketing network. The company is

one of the largest integrated petroleum and petrochemical

companies in China. Its scope of business covers exploration,

development, production and marketing of petroleum and gas,

refining and marketing, production and sales of

petrochemicals, chemical fibers, chemical fertilizers, and

other chemicals, pipeline transportation of petroleum, natural

gas, refined oil products, petrochemicals, other chemicals,

and other commodities and technologies, research and

development and application of technology and information.