ARMO looking to modernise its two refineries and restore capacity; study expected to be complete by mid-2012.

Albanian Refining & Marketing of Oil (ARMO) has awarded a feasibility study to a subsidiary of Foster Wheeler’s Global Engineering & Construction Group. The study covers the modernisation of two refineries, located at Ballsh and Fier in Albania.

The Foster Wheeler contract value was not disclosed and will be included in the company’s 4Q11 bookings.

ARMO intends to modernise its existing refineries at Ballsh and Fier to restore production to the original design capacity and produce transportation fuels in line with current European Union regulations. The study is expected to be completed by mid-2012.

ARMO is a former state-owned company that was privatised in 2008. The Ballsh and Fier refineries serve both the domestic and the Balkans’ regional markets.