"Shaw's ability to incorporate Deep Catalytic Cracking technology into the Punjab Refinery Project will facilitate the most cost-effective and commercially proven option for the production of polymer grade propylene from the refining process," said Lou Pucher, president of Shaw's Energy & Chemicals Group.
DCC technology, originally developed by SINOPEC Research Institute of Petroleum Processing (RIPP), is a proprietary technology for the production of light olefins, particularly propylene and isobutylene, from a variety of hydrocarbon feedstock inputs. As primary building blocks for other downstream petrochemicals, light olefins produced using DCC technology are a value-added product of the refining process.
Shaw is the exclusive licensed provider of DCC technology outside of China, and together with RIPP has licensed 11 DCC units around the world. The first DCC complex designed and engineered by Shaw was successfully commissioned for Thai Petrochemical Industries in 1997.
GGSRL is a joint venture company between Hindustan Petroleum Corporation Limited and Mittal Energy Investment Pte Limited.
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. A Fortune 500 company with nearly $6 billion in annual revenues, Shaw is headquartered in Baton Rouge, La., and employs approximately 27,000 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 Web site 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 regarding the contract award and backlog are forward-looking statements based on the Company's estimates for the 2007 fiscal year. These forward-looking statements are based on assumptions management believes to be reasonable but actual fiscal 2007 results to be included in our Annual Report on Form 10-K for fiscal 2007 may differ from our current estimates, and those differences could be material and adverse. 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 forward-looking estimates 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.