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The Shaw Group's Olefins Technology Selected for Revamp of Ethylene Plant in Mesaieed, Qatar

BATON ROUGE, La.--(BUSINESS WIRE)--March 30, 2004--The Shaw Group Inc. (NYSE:SGR) today announced that its Stone & Webster, Inc. subsidiary has been chosen by Qatar Petrochemical Company Ltd. Q.S.C. (QAPCO) to provide its proprietary olefin technology for the revamp of QAPCO's ethylene plant in Mesaieed, Qatar. In July 2002, Stone & Webster was awarded the first phase of what is referred to as the Ethylene Cracker Expansion Project which included basic engineering services to increase the plant's capacity by approximately 40%.

QAPCO accepted Stone & Webster's approach to increase capacity by integrating a new parallel plant within the existing facility. This will allow the production of an additional 220 KTPA (kilo ton per annum) of ethylene.

The contract for the current phase which entails detailed engineering, as well as procurement and construction (EPC), has been awarded to Japan Gas Corporation Middle East Free Zone Establishment based in the United Arab Emirates. Project services and execution will be provided by Stone & Webster in association with JGC and with CTCI Corporation which is headquartered in Taiwan. Stone & Webster will provide engineering services and procurement of both proprietary equipment for the cracking furnaces and proprietary Ripple(TM) Trays.

"We are pleased to broaden the scope of our involvement in this important project for QAPCO and to assist our client in meeting the growing demands of this market." stated Abe Fatemizadeh, President of Shaw Power & Process EPC.

Nick Gallinaro, President of Stone & Webster Technology, another Shaw Group subsidiary and licensor of the technology being adopted by QAPCO, added, "The government initiatives in the Middle East, particularly in Qatar, present a growing opportunity for Shaw. In addition to the QAPCO expansion, there are several other process industry projects currently in the planning stage. This contract is a strategic win, as we continue to introduce our proprietary technology to this region."

Stone & Webster's proprietary olefin and refinery technologies, including the recently acquired downstream Badger ethylene technologies, allow Stone & Webster to provide integrated refinery and petrochemical solutions for its clients around the world.

Based in Doha, Qatar, QAPCO is Qatar's largest Petrochemical company. Qatar Petroleum (QP) is the major shareholder in QAPCO, holding 80 percent of the total. ATOFINA of France, a wholly owned subsidiary of TotalFinaElf, holds a 20 percent share in QAPCO.

The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services for government and private sector clients in the power, process, environmental, infrastructure and homeland defense markets. The Company is headquartered in Baton Rouge, Louisiana and employs approximately 15,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. For further information, please visit the Company's website at www.shawgrp.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's web-site under the heading "Forward Looking Statement". These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis visit our web site at www.shawgrp.com.

    CONTACT: Shaw Group Inc., Baton Rouge
             Stephanie Dixon, 225-932-2500
    SOURCE: Shaw Group Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SHAW GROUP INC's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.


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