The Shaw Group Inc. (NYSE:SGR) announced today that its
Shaw Stone & Webster unit has been awarded two contracts to provide
technology, engineering and procurement services to PetroChina for its
Dushanzi Petrochemical Company's new petrochemical complex in the
Xinjiang Province, China. The contracts, which have a combined value
of approximately $50 million, cover technology, basic engineering,
procurement of key equipment and materials, technical training, and
commissioning and start-up services.
The first contract provides that Dushanzi's new 320,000
metric-tons-per-year ethylbenzene/styrene monomer (EB/SM) plant will
be based on ethylbenzene and styrene technology licensed to Dushanzi
by Shaw Stone & Webster. Under the second contract, the new Dushanzi
130,000 metric-tons-per-year polystyrene plant will be based on
proprietary technology provided by Shaw Stone & Webster through its
license from General Electric Advanced Materials (GEAM) and its
alliance with Process Development Services (PDS). When completed, the
polystyrene plant will produce 40,000 metric tons per year of high
impact polystyrene and 90,000 metric tons per year of general purpose
polystyrene.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, "Our technology team continues to offer differentiated
proprietary technologies to Shaw clients to meet their business
expansion needs. This is Shaw's first polystyrene license,
demonstrating our commitment to expanding our proprietary process
technology portfolio and in this instance, providing polymer
technologies downstream of EB/SM technology."
The Shaw Group Inc. is a leading global provider of technology,
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management
services for government and private sector clients in the energy,
chemical, environmental, infrastructure and emergency response
markets. Headquartered in Baton Rouge, Louisiana, with over $3 billion
in annual revenues, Shaw employs approximately 22,000 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 Shaw'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 web-site 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 web site at www.shawgrp.com.
