Fluor New Venture in Qatar Wins Five-Year Maintenance Contract for Pearl Gas-to-Liquids Project

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Fluor Corporation (NYSE: FLR) announced today that Qatar National Facilities Services, a new venture partly owned by Fluor, signed a major long-term maintenance and services contract with Qatar Shell Gas-to-Liquids Limited (QSGTL) for its Pearl Gas-to-Liquids (Pearl GTL) project in the industrial city of Ras Laffan, Qatar. The Pearl GTL project is being developed under a production sharing agreement with Qatar Petroleum. Following a competitive tendering process, the new contract was awarded to provide maintenance services for the utilities and gas-to-liquids process sections of the plant. The contract has a five-year duration and financial terms were not disclosed.

Last week, the contract was signed as part of a public ceremony held by QSGTL officials. Qatar National Facilities Services (QNFS) is a Qatari registered company jointly owned by the Qatar-based Trading and Agency Services (TRAGS) and United States-based Fluor Corporation. QNFS is operated as part of Fluor’s Global Services Business Group.

“Fluor and TRAGS are very pleased that we are able to extend our business with Qatar Petroleum and Shell through QNFS,” said Taco de Haan, vice president of Fluor’s international Operations & Maintenance business. “This is a strategically important award that supports our objective of creating a sustainable local Qatari solution to support the Pearl GTL project and to support Qatar’s goal to become the gas-to-liquids capital of the world. We are committed to help make Pearl GTL a success for the State of Qatar and all of its stakeholders.”

Upon completion, the Pearl GTL project will be the world’s largest gas-to-liquids plant. Major construction is expected to be complete by the end of 2010 with production ramp-up in 2011. Pearl GTL will produce liquid fuels, lubricants and chemical feedstocks from natural gas, opening new markets for Qatar’s natural resources. It will also produce significant quantities of natural gas liquids and ethane.