Fluor Corporation (
) received a FEED (Front-End Engineering and Design) contract
jointly from Qatar Petroleum and Shell for Al-Karaana
Petrochemicals Complex in Ras Laffan Industrial City, Qatar.
Fluor will book the contract into the backlog for the first
quarter of 2013. However, the contract value is not
Qatar Petroleum in collaboration with
Royal Dutch Shell
) Global Solutions division intends to carry out this prime
petrochemical project in the City, where the two previously
developed the world's largest gas-to-liquids plant, Pearl
The project is believed to be a foundation for future
petrochemical development projects in the Middle East. It will be
a world-scale ethane-based cracker and derivatives complex,
including two train mono ethylene glycol units using Shell's
proprietary OMEGA (Only MEG Advantaged) technology. The potential
capacity will also include linear alpha olefins and oxo alcohol
units requiring utilities, infrastructure and
offsites. Fluor will operate and guide the execution of the
FEED project from its Haarlem office in the Netherlands, with
assistance from other global Fluor locations.
Fluor's is extremely hopeful that the project will not only
strengthen the company's long standing relationship with both
Qatar Petroleum and Shell but will also register a record revenue
growth in the upcoming quarter since the Middle East is an
important area of operations for Fluor. This project can prove to
be a launch pad for the company's future business developments in
In the latest reported quarter (4Q12) Fluor's revenue from the
Oil & Gas segment was $9.5 billion, up 19% year over year,
driven by new awards and good order backlog. New awards won
during the year were approximately $12.6 billion with backlog
amounting to $18.2 billion. Petrochemical projects in North
America, Europe and Asia aided the backlog of the company.
Fluor currently has a Zacks Rank #3 (Hold) while a few of its
Tyco International Ltd.
) both have a Zacks Rank #2 (Buy).
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