October 11, 2017 - 7:00 AM EDT
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Featured Company News - Fluor Obtains Contract for LyondellBasell's Propylene Oxide and Tertiary Butyl Alcohol Project

LONDON, UK / ACCESSWIRE / October 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Fluor Corp. (NYSE: FLR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FLR. The Company announced on October 09, 2017, that LyondellBasell (NYSE: LYB) has selected Fluor to execute the engineering and procurement for its propylene oxide (PO) and tertiary butyl alcohol (TBA) project. The project is located at LyondellBasell's Channelview and Bayport complexes, outside of Houston. Fluor has not disclosed the total value of the contract but it has booked the project value into its backlog in the third quarter of 2017. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Project Details

  • This project is LyondellBasell's single-largest capital investment ever in its existence. Upon completion, the facility would produce 1 billion pounds of propylene oxide per year and 2.2 billion pounds of tertiary butyl alcohol per year.
  • In fact, it is estimated that the project would generate around 2,500 jobs and nearly 160 permanent positions when it becomes operational.
  • Propylene oxide is used as a building block for various day-to-day products such as bedding, furniture, carpeting, coatings, building materials, and adhesives, whereas tertiary butyl alcohol is transformed into fuel additives, which help gasoline burn cleaner and reduce automobile emissions.

A Fit-For-Purpose Solution for the Facility

Mark Fields, President of Fluor's Energy & Chemicals business in the Americas, highlighted that the PO and TBA facility is a strategic part of LyondellBasell's organic growth plans and Fluor is committed to extending its partnership on this project.

LyondellBasell is among the largest plastics, chemicals, and refining Companies in the world. The Company is renowned for its PO/TBA technology. Fluor has participated in this project since the beginning of front-end engineering and design in 2015. It is expected that the project would be completed by 2021. In fact, LyondellBasell's and Fluor's teams have developed a fit-for-purpose solution for the project, leveraging their Zero Base Execution SM approach. The solution optimizes the plant design, capitalizes on global procurement opportunities, and implements a cost-effective modularization approach. These integrated approaches have considerably reduced the plant's capital costs and thus helped LyondellBasell attain its final investment decision on this world-scale chemical facility.

Fluor Selected As Finalist for Global Energy Awards 2017

On October 04, 2017, Fluor shared that it had been selected by S&P Global Platts as a finalist for the Breakthrough Solution of the Year, and Rising Star – Individual award categories. The S&P Global Platts event recognizes corporate and individual innovation, leadership, and superior performance in 19 categories across the entire energy industry. The winners for both categories will be announced at the S&P Global Platts Global Energy Awards on December 07, 2017, in New York.

  • Fluor's two-stage absorption technology for ultra-sour gas treatment has been named as a finalist in the Breakthrough Solution of the Year category. This technology advances the configuration of ultra-sour gas treatment facilities and considerably reduces the need for costly downstream processing equipment. It is a game changer for the development of the ultra-sour gas field as it leads to better operator safety, upgraded processing quality, and lower capital and operating costs compared to conventional methods.
  • On the other hand, Fluor's Travis Dudley was named as a finalist in the Rising Star – Individual category. The category acknowledges leaders who have performed extraordinarily in their current role and have had an inevitable impact on the industry. Dudley is presently serving as Fluor's Project Director for the Greensville County Power Station project, which is a combined-cycle, natural gas facility under construction in Virginia.

About Fluor Corp.

Fluor is a global engineering, procurement, fabrication, construction, and maintenance Company which designs, builds, as well as maintains capital-efficient facilities for its clients on six continents. The Company has been serving its clients by supplying innovative and integrated solutions across the globe for over a century. The Company, which is headquartered in Texas, ranks 149 on the Fortune 500 list with revenues of $19 billion in 2016.

Last Close Stock Review

On Tuesday, October 10, 2017, the stock closed the trading session at $42.55, slightly slipping 0.09% from its previous closing price of $42.59. A total volume of 889.00 thousand shares have exchanged hands. Fluor's stock price advanced 8.16% in the last one month. The stock is trading at a PE ratio of 53.72 and has a dividend yield of 1.97%. The stock currently has a market cap of $5.93 billion.

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Source: ACCESSWIRE Investor Awareness (October 11, 2017 - 7:00 AM EDT)

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