HOUSTON, Sept. 25, 2018 /PRNewswire/ -- KBR, Inc. (NYSE: KBR) announced today that it has been awarded contracts for a technology license, basic engineering design services and proprietary catalyst supply by Lihuayi Lijin Refining & Chemical Co., Ltd. ("Lihuayi"), for a new olefins production unit in Dongying, China. The unit will use KBR's proprietary Catalytic Olefins Technology (K-COT™) and Selective Cracking Optimum Recovery (SCORE™) Technology.
KBR K-COT™ is a commercially proven and flexible technology for converting low-value olefinic, paraffinic or mixed streams into high value propylene and ethylene. In combination with KBR's state-of-the-art SCORE™ technology, it helps users to maximize feed and product flexibility, and thus enables Lihuayi to increase overall profitability as they further integrate their refinery towards petrochemicals.
Lihuayi has previously successfully implemented KBR's phenol technology at its site in Dongying.
"Lihuayi always follows the direction of developing petrochemical business in a green and energy-efficient way," said Xu Yunting, Chairman and Chief Executive Officer of Lihuayi Group. "KBR's innovative catalytic olefin technology fits our corporate development plan well and we believe it can help Lihuayi to further speed up the progress of industry upgrading and to be more competitive in the market."
"We are extremely pleased to support Lihuayi on this new project," said John Derbyshire, President, KBR Technology. "Lihuayi is a ground-breaking company with the strategic vision to develop a new approach to the downstream chemical business in China. KBR's innovative technologies make us the partner of choice to fully support Lihuayi in accomplishing their vision."
KBR has been a leader in olefin plant design, construction and technology development for more than 50 years.
About KBR, Inc.
KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the Government Services and Hydrocarbons sectors. KBR employs approximately 34,000 people worldwide (including our joint ventures), with customers in more than 75 countries, and operations in 40 countries, across three synergistic global businesses:
- Government Services, serving government customers globally, including capabilities that cover the full life-cycle of defense, space, aviation and other government programs and missions from research and development, through systems engineering, test and evaluation, program management, to operations, maintenance, and field logistics
- Technology, including proprietary technology focused on the monetization of hydrocarbons (especially natural gas and natural gas liquids) in ethylene and petrochemicals; ammonia, nitric acid and fertilizers; oil refining and gasification
- Hydrocarbons Services, including onshore oil and gas; LNG (liquefaction and regasification)/GTL; oil refining; petrochemicals; chemicals; fertilizers; differentiated EPC; maintenance services (Brown & Root Industrial Services); offshore oil and gas (shallow-water, deep-water, subsea); floating solutions (FPU, FPSO, FLNG & FSRU); program management and consulting services
KBR is proud to work with its customers across the globe to provide technology, value-added services, integrated EPC delivery and long term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; the scope and enforceability of the company's indemnities from its former parent; changes in capital spending by the company's customers; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract disputes with the company's customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.
KBR's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that KBR has identified that may affect the business, results of operations and financial condition. Except as required by law, KBR undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE KBR, Inc.