Foster Wheeler and SOFCON form joint venture in Saudi Arabia
Posted: 2 February 2010
Foster Wheeler AG reported that a subsidiary of its Global Engineering and Construction Group has signed a Joint Venture Agreement to form a jointly owned Saudi Arabian entity with A. Al-Saihati, A. Fattani and O. Al-Othman Consulting Engineering Company (SOFCON) in the Kingdom of Saudi Arabia.
The terms of the agreement were not disclosed.
The new entity, Foster Wheeler SOFCON Consulting Engineering Company, is planned as a regional engineering hub and will be based in the city of Al-Khobar in the Kingdom of Saudi Arabia.
Foster Wheeler SOFCON will focus on providing full-service engineering and project management services for onshore/offshore oil and gas, refining, petrochemicals and associated infrastructure projects in Saudi Arabia.
"Foster Wheeler and SOFCON have a long and outstanding record of successful cooperation in project execution in Saudi Arabia," said Umberto della Sala, president and chief operating officer, Foster Wheeler AG.
The formation of this new company demonstrates the ongoing commitment of our two companies in working together to deliver successful projects in Saudi Arabia and the provision of high quality services and expertise from a local base."
"It is our goal to make Foster Wheeler SOFCON the leading full-service engineering and project management provider in Saudi Arabia, delivering professional and competitive services in front-end engineering, detailed engineering, procurement, construction and project management," said Ala’a Fattani, president and chief executive officer, SOFCON.
"The new entity will bring an enhanced value proposition in the development of the local economy and capabilities."
Posted by Richard Price, Editor, EnergyME.com
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