Volume 2, issue #27 - 08-12-1997

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Fluor and S & W form global joint venture for petrochemical work

Nov. 6, 1997 Stone & Webster and Fluor Daniel have announced the formation of a joint venture to pursue and execute ethylene and related petrochemical work. The joint venture is exclusive and world-wide, subject to certain country-specific existing relationships. Ethylene is the leading petrochemical feedstock, with estimated industry capital expenditures of $ 25 bn by the year 2005; investments for ethylene-based derivatives are anticipated to exceed $ 18 bn in the same time period.
Effective immediately, the joint venture, from its headquarters in Houston, Texas, will focus on providing engineering, procurement, construction (EPC) and project management consulting services associated with ethylene, ethylene derivatives and petrochemical complexes.
To the joint venture, each party contributes both complementary and additive strengths. Fluor Daniel brings its global presence, and well recognised strengths in process facility design and program management. Stone & Webster will deploy its proprietary, industry-leading ethylene technology, certain downstream derivative technologies, its advanced engineering systems, and its global network of resources.
The joint venture will provide leading solutions for ethylene and derivatives-related work, and significant added value through technology, innovation, and cost and cycle-time reduction.
Stone & Webster, established in 1889, has designed and implemented more than 100 ethylene units world-wide, providing more than one-third of the world's ethylene capacity, and has been awarded more than 150 olefin-related patents. For more than 50 years, Fluor Daniel has designed and built petrochemical complexes, refineries, and gas and LNG processing facilities on a world-wide basis. The combined resources of the companies can execute engineering and construction projects in all of the world's markets with local staff as needed.