FOSTER WHEELER A Wo_rı_d o_f _F_irs_ts____) fluidized-bed steam generator. Fluidized-bed combustion is fuel efficient and environmentally friendly, making it one of the most effective ways to generate steam, which then is converted to electricity. PetroPower Energia Limitada was the first public, private partnership to sponsor a project in Chile. it was Foster Wheeler's first major limited-recourse projeci financing outside of the United States. it is the first projeci in the world in which a coker and cogeneration plant was financed in one The plant generates 59 megawatts (MW) of electricity and 26 tons per hour of high-pressure steam. Nineteen MW power of the entire refinery. Foster Wheeler exports the 40 MW surplus (enough to supply 40 000 households) into the central Chilean electrical power grid. package. And it received the best financing terms, including lowest interest rate and longest payment term, ever granted to a Latin American project, winning the "Best Business of 1996" award from Latin Finance magazine. it also placed in the "Top 1 O most Creative Worldwide Projects", awarded by lnfrastructure Finance magazine. ( Power to Burn ) Coke is created as a by-product of the petroleum refining process. An oil refinery creates consumer products by separating crude oil into its various fractions. The lightest fractions are gasoline and liquid petroleum gas. Medium weight liquids include kerosene and diesel oil distillates. The heaviest residue settles to the bottom of the distillation towers. Cokers use heat and moderate pressure turn the tar-like residue into lighter products and a hard, coal-like substance, "coke", that is used as an industrial fuel. Foster Wheeler designed, supplied, and built PetroPower Energia Limitada's new delayed coking plant to produce about 600 metric tons per day of green coke. "Designing and building the upgrades were obviously a major portion of the project," says Karpenski. "But ■ Analyst evaluate a refinery project's potential by the refiner's strength in the marketplace and market conditions as a whole". But putting cogeneration plus refinery expansion together in a single project was new to the financial world. ■ The World of High Finance "By itself, financing a cogeneration plant is relatively straightforward", explains Karpenski. "Financial analyst look at key indicators such as the price of the electricity and the reputation of the owner and the contracFoster Wheeler worked hard to build personal and professional relationships with Petrox. They relied on our expertise, but valued working together on this complex project". tor. Similarly, analyst evaluate a refinery project's potential by the refiner's strength in the marketplace and market conditions as a whole". But putting cogeneration plus refinery expansion together in a single project was new to the financial world. ( Power to Share ) The cogeneration plant burns the refinery coke in Foster Wheeler's own custom-designed and manufactured circulating 1ı E-COGENERATION WORLD & Renewable Energy Foster Wheeler and Petrox together with their financial package that was enthusiastically received in the marketplace. The partners allocated risks to those in the best position to assume those risks. Efficient risk allocation combined with the strength of the participants laid the foundation for record financing terms.
RkJQdWJsaXNoZXIy MTcyMTY=