Jacobs Receives Contract from Saudi Kayan Petrochemical Company, Affiliate of Saudi Basic Industries Corporation (SABIC)
Jacobs to Develop Design Package for the Build of Ultra-High-Molecular-Weight Polyethylene Plant
PASADENA, Calif., June 26, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE: JEC) announced today it was awarded a design contract from Saudi Kayan Petrochemical Company, an affiliate of Saudi Basic Industries Corporation (SABIC), to develop a process design package (PDP) and front end engineering design (FEED) package for the build of an ultra-high-molecular-weight polyethylene (UHMWPE) plant in the Industrial City of Jubail in the Kingdom of Saudi Arabia.
Officials did not disclose the value of the contract that will be executed from Jacobs' Winnersh, UK and Al-Khobar offices.
UHMWPE is used in many industrial applications including batteries and industrial fibers. This plant is to have a production capacity of 35,000 tonnes per year using ethylene sourced from Kayan's existing olefins plant and is of significant strategic importance as SABIC is to use its own technology.
SABIC, headquartered in Riyadh, ranks among the world's top petrochemical companies and is a market leader in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
Jacobs Group Vice President Bob Irvin stated, "We are delighted to have been awarded this high profile project, which we take to be both a statement of our Client's confidence in our ability to deliver strategic projects of this nature and the commencement of what we hope will be a significant and long-term relationship with SABIC that will drive mutual benefits to our businesses and build upon our presence and future capability in the Kingdom of Saudi Arabia."
Jacobs is one of the world's largest and most diverse providers of technical, professional and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2011 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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SOURCE Jacobs Engineering Group Inc.
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