Fluor Corporation (NYSE: FLR) announced today that it has signed a
memorandum of understanding with a joint venture of Dow Chemical Company
and Petrochemical Industries Company (PIC) to provide engineering,
procurement and construction management services for the utilities and
infrastructure portion of a major petrochemical project in Kuwait. This
scope is in addition to the program management contract which was
awarded last year to perform overall management consultancy and
front-end engineering services. Value to Fluor was not disclosed, and it
was booked in the company's first quarter.
The billion-plus dollar, integrated petrochemical complex, known as the
Olefins II Program, will be located approximately 25 miles south of
Kuwait City in Shuaiba. It will include construction of an
850,000-tons-per-year cracker, a 600,000-tons-per-year ethylene glycol
unit, a 450,000-tons-per-year ethyl benzene/styrene monomer unit and a
debottleneck expansion of an additional 225,000 tons per year of
polyethylene capacity at the existing complex. The completed facility
will double the capacity at the existing olefins complex.
"We're very pleased to be awarded the next phase of this important
chemicals project," says David Seaton, senior vice president responsible
for the chemicals business within Fluor's Energy & Chemicals group. "We
appreciate the confidence Dow and PIC have in Fluor, and we look forward
to building on our excellent relationship."
Groundbreaking occurred in March 2005, with completion of the complex
expected in the second quarter of 2008.
Fluor provides services on a global basis in the fields of engineering,
procurement, construction, operations, maintenance and project
management. Headquartered in Aliso Viejo, Calif., Fluor is a FORTUNE 500
company with revenues of $9.4 billion in 2004. For more information,
visit www.fluor.com.
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Jerry Holloway/Leann Vandergrift
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Media Relations
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949.349.7411/7420
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Lila Churney
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Investor Relations
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949.349.3909 tel
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949.349.5375 fax
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Media Relations, Jerry Holloway, +1-949-349-7411, or LeannVandergrift, +1-949-349-7420; or Investor Relations, Lila Churney,+1-949-349-3909, or fax, +1-949-349-5375, all of Fluor Corporation//Web site: http://www.fluor.com