The Fluor announcement helped the company's common stock on the New York Stock Exchange rise by 4%. The stock is trading in the $84 to $85 per-share range.

Saudi Kayan is a joint venture between the state-owned Saudi Basic Industries Corp., the biggest petrochemical producer in the Middle East, and Al-Kayan Petrochemical Co. "This project will utilize 17 licensed technologies and will produce both specialty amine derivatives and polycarbonates for the first time in Saudi Arabia," Fluor president for energy and chemicals Jeff Faulk says in a prepared statement. "As the heart of the complex, the execution of the utilities and offsite facilities will be instrumental to the overall success of the project."

Faulk says that up to 1,000 engineers and 12,000 laborers will be used at the project's peak development period. Saudi Kayan president Abdulllah Al-Rabeeah says the petrochemical complex is vital to Saudi Arabia. Fluor "brings the best experience available to the program," he adds. Engineering on the utilities and offsite facilities began in July 2006. Construction is scheduled to start in February 2007.