Fluor Corporation (NYSE: FLR) today announced that it will lead a
project-execution consortium to develop a chemicals complex that will be
located in the Shanghai Chemicals Investment Park near Shanghai,
People's Republic of China. The value of the contract is $700 million,
with Fluor's share being 50 percent. The project was booked as a new
award in the company's third quarter.
The clients of the project are three joint-venture companies comprised
of BASF, Huntsman, Shanghai Chlor Alkali Chemical Company Limited,
Sinopec Shanghai Gao Qiao Petrochemical Corporation and Shanghai Hua Yi
(Group) Company. The joint-venture companies are Shanghai Lianheng
Isocyanate Company Limited, Shanghai BASF Polyurethane Company Limited
and Huntsman Polyurethanes Shanghai Limited.
When complete, the chemicals complex will produce basic materials for
use in foam insulation and cushioning for appliances, refrigerators,
construction, automobiles, furniture, carpet padding and packing.
Fluor will serve as the managing partner of the project-execution
consortium, which will provide engineering, procurement and construction
management services for the project. Fluor is teamed with Daelim of
South Korea and CTCI of Taiwan to execute the project. Additionally,
three Chinese Design Institutes -- Sinopec Shanghai Engineering Company,
Chengda and Jingding Engineering Co., Ltd -- will provide a majority of
the engineering services.
Work is under way in Fluor's Shanghai office, with the engineering phase
expected to last 15 months. Construction will commence in 2004, with
beneficial operations scheduled for July 2006. In total, project
engineering employment is expected to peak with 250 personnel led by
Fluor and nearly another 300 workers led by Daelim and CTCI. At
construction peak, approximately 8,000 construction laborers will be
working on site.
Fluor Corporation (NYSE: FLR) 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 $10 billion in
2002. For more information, visit www.fluor.com.
For further information, please contact: Media Relations, Jerry
Holloway, +1-949-349-7411, or Lori Serrato, +1-949-349-7420, or Investor
Relations, Lila Churney, +1-949-349-3909, or fax, +1-949-349-5375, all
of Fluor Corporation.
Media Relations, Jerry Holloway, +1-949-349-7411, orLori Serrato, +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