Fluor Wins $2.2B Saudi Petrochemical Contract

IRVING, TX-Fluor Corp., with a revenue of $13.2 billion in 2005, has already booked a new $2.2-billion contract for the third quarter of 2006. That move followed the locally based company’s selection to provide engineering, procurement services and construction management for the utilities and offsite facilities for Saudi Kayan’s peterochemical complex in Al-Jubail on the eastern coast of Saudi Arabia.

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.”