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Jacobs Receives Contract From Borouge for Polymer Plant in Abu Dhabi |
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PASADENA, Calif., Sept. 29 /PRNewswire-FirstCall/ -- Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it received a contract from Abu Dhabi Polymers Company (Borouge) to develop front-end engineering and design (FEED) for a section of the "Borouge 3" project, a grassroots polypropylene/polyethylene facility in Abu Dhabi in the United Arab Emirates. Jacobs’ section will involve the compounding, soaking, and product handling line. The project’s FEED portion is scheduled to be complete by mid-2010. Officials did not disclose the total investment cost or the value of Jacobs’s contract. Borouge is a leading provider of innovative, value-creating plastics solutions. It is a joint venture between Abu Dhabi National Oil Company, one of the world’s major oil companies, and Austrian-based Borealis, one of Europe’s largest polyolefin producers. Together, Borouge and Borealis produce products for high-value infrastructure, automotive and advanced packaging applications. Jacobs’ design will optimize Borealis’ proprietary XLPE technology, which creates plastic of an extremely high level of purity. Borealis is the leading global market supplier of this calibre of material, which is manufactured in Stenungsund, Sweden. Jacobs will execute the work from its office in Stenungsund. In making the announcement, Jacobs Group Vice President Mark Williams stated, "We have partnered with Borealis for nearly a decade to help them deliver competitive investments. Our team’s knowledge of Borealis’ specialized XLPE technology will contribute to Borouge’s growth in the industry." Jacobs, with annual revenues exceeding $12 billion, is one of the world’s largest and most diverse providers of technical, professional, and construction services. Any statements made in this release that are not based on historical fact are forward-looking statements. Although such statements are based on management’s current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in 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 2008 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 also caution the readers of this release that we do not undertake to update any forward-looking statements made herein. For additional information contact: |
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