BATON ROUGE, La., Mar 22, 2005 (BUSINESS WIRE) — The Shaw Group Inc. (NYSE:SGR) today announced that its
Shaw Stone & Webster, Inc. unit has been selected by Aramco Overseas
Company and Sumitomo Chemical Co., Ltd. to provide Deep Catalytic
Cracking (DCC) technology for a grassroots High Olefin Fluid Catalytic
Cracking (HOFCC) project at Saudi Aramco’s Rabigh petrochemical
complex in Saudi Arabia. DCC technology, originally developed by the
Research Institute of Petroleum Processing and Sinopec (NYSE:SNP) (the
national oil company of the People’s Republic of China), is a
proprietary technology for the production of propylene and ethylene.
Shaw’s Stone & Webster unit is the only licensed provider of DCC
technology outside of China.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, “We are very pleased that Saudi Aramco and Sumitomo have
selected Shaw and DCC technology as the cornerstone for their $4.3
billion grassroots Rabigh refining and petrochemical complex in Saudi
Arabia. We believe that DCC technology is the best solution for
producing ethylene and propylene from vacuum gas oils, from both a
cost and product efficiency standpoint. We look forward to furthering
our strategic relationship with these highly respected clients.”
Saudi Aramco and Sumitomo Chemical have signed a memorandum of
understanding for the Rabigh upgrade and expansion project. This
project represents Saudi Aramco’s first venture in petrochemical
processing. The Saudi Aramco-Sumitomo Rabigh project will be a fully
integrated petrochemical refinery with HOFCC producing 900,000 tons
per year of propylene and 1,300,000 tons per year ethylene.
Aramco Overseas Company is a division of Saudi Aramco, the
national oil and gas company of Saudi Arabia. Sumitomo Chemical Co.,
Ltd. is one of Japan’s largest chemical companies with approximately
one-third of its sales from petrochemical products such as
polyethylene, polypropylene, elastomers and styrene monomer.
Sumitomo’s diverse product range also extends to IT-related chemicals,
pharmaceuticals, agricultural chemical, and basic industrial chemicals
such as caustic soda and methanol.
The Shaw Group Inc. is a leading global provider of technology,
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management
services for energy, process, power, environmental, infrastructure and
emergency response markets. A Fortune 500 company with over $3 billion
in revenues, Shaw is headquartered in Baton Rouge, Louisiana, and
employs approximately 18,000 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 website under the heading “Forward-Looking Statements”.
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 website at www.shawgrp.com.
SOURCE: The Shaw Group Inc.
CONTACT:
The Shaw Group Inc., Baton Rouge
Chris D. Sammons
225-932-2546