HOUSTON -- March 27, 2014 -- KBR (KBR) announced today that it has been awarded a front-end engineering design (FEED) contract by Emirates National Oil Company Processing Company LLC (EPCL) for the upgrade of its condensate refinery at Jebel Ali.
Expected revenue from the contract was included in the first quarter 2014 backlog of unfilled orders for the Hydrocarbons segment. The contract value was not disclosed.
Currently, the facility owned by Emirates National Oil Company (ENOC) has two trains of condensate distillation units. The upgrade will add new processing units (jet and diesel hydrotreaters and isomerization unit) and will lead to production of several Euro V grade products such as high octane gasoline, low sulfur jet fuel and ultra-low sulfur diesel.
KBR`s work on this facility is consistent with the growing trend of refinery upgrades across the Middle East in an effort to meet the rising domestic fuel demands and more stringent product specifications, according to the Middle East business intelligence site, MEED.com.
"Supporting EPCL`s commitment to the downstream market is critically important," said Roy Oelking, KBR Hydrocarbons Business Group President, who noted that the contract will be executed by KBR`s London Operating Center. "As a longtime partner with EPCL, we appreciate both the importance and the impact this project will have in enabling EPCL to achieve its business objectives."
KBR is a global engineering, construction and services company supporting the energy, hydrocarbons, power, industrial, civil infrastructure, minerals, government services and commercial markets. For more information, visit www.kbr.com.
Forward Looking Statement
The statements in this press release that are not historical statements, including statements regarding future financial performance and backlog information, 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 Halliburton Company; 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 Annual Report on Form 10-K dated February 27, 2014, Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013, recent Current Reports on Forms 8-K, and other 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.
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Source: KBR, Inc. via GlobeNewswire