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17

Shaw to Conduct Feasibility Study to Rehabilitate Refinery in Iraq

The Shaw Group Inc. (NYSE: SHAW) today announced it has been awarded a contract by the South Refineries Company, which is part of the Republic of Iraq’s Ministry of Oil, to provide a feasibility study for the rehabilitation of its 140,000 barrels per day refinery in Basra, Iraq. The study will assess the current condition of the refinery and estimate the engineering, equipment supply and construction services required to improve its operation.

Shaw to Conduct Feasibility Study to Rehabilitate Refinery in Iraq Shaw to Conduct Feasibility Study to Rehabilitate Refinery in Iraq

The Shaw Group Inc. (NYSE: SHAW) today announced it has been awarded a contract by the South Refineries Company, which is part of the Republic of Iraq’s Ministry of Oil, to provide a feasibility study for the rehabilitation of its 140,000 barrels per day refinery in Basra, Iraq. The study will assess the current condition of the refinery and estimate the engineering, equipment supply and construction services required to improve its operation.


The study is funded by the United States Trade and Development Agency (USTDA) through a grant to the South Refineries Company. This is the first grant the agency has provided directly to an Iraqi grantee, marking the USTDA’s support of Iraq’s long-term economic development.

“This study will help to promote the development of Iraq’s oil business and modernize vital facilities,” said James Glass, president of Shaw’s Energy & Chemicals Group. “This is Shaw’s fourth refining project in Iraq, reinforcing our continuing commitment to the Middle East region.”

In Iraq, Shaw is conducting feasibility studies and front end engineering and design (FEED) for two grassroots 150,000 barrels per day refineries near the cities of Maissan and Kirkuk, for the Republic of Iraq’s Ministry of Oil. The FEED work includes all process units, offsite facilities and utilities for both refineries.

Through a fluidized catalytic cracking alliance, Shaw, with its partner, Axens, are providing a process design package for a 30,000 barrels per day residual fluidized catalytic cracking (RFCC) unit at Midland Refineries Company’s refinery in Daura.

The undisclosed value of the contract will be included in Shaw's Energy & Chemicals segment’s backlog of unfilled orders in the first quarter of fiscal year 2012.

The Shaw Group Inc. (NYSE: SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2011 annual revenues of $5.9 billion, Shaw has approximately 27,000 employees around the world and is a power sector industry leader according to Engineering News-Record’s list of Top 500 Design Firms. For more information, please visit Shaw’s website at http://www.shawgrp.com.

This press release contains forward-looking statements and information about our current and future prospects and our operations and financial results, which are based on currently available information. The forward-looking statements include assumptions about our operations, such as cost controls and market conditions, that may not be realized.

Actual future results and financial performance could vary significantly from those anticipated in such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, the occurrence of certain events or otherwise.

Among the factors that could cause future events or transactions to differ from those we expect are those risks discussed under Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2011, and other reports filed with the Securities and Exchange Commission (SEC). Please read our “Risk Factors” and other cautionary statements contained in these filings.

As a result of these risks and others, actual results could vary significantly from those anticipated in this press release, and our financial condition and results of operations could be materially adversely affected.

Source : Neftegaz.RU