Global chemical engineering industry enters its peak period

At present, a large number of chemical projects that are under construction and under construction have enabled the construction market to enter the most prosperous period in more than a decade. US FosterWheeler Company believes that the cyclical nature of investment in chemical engineering is very obvious, and the improvement trend of global chemical engineering industry since 2004 is expected to continue until 2008.

Chemical engineering get together in the Middle East

At present, the number of chemical engineering projects invested and constructed by global oil and chemical companies in the Middle East region and China is increasing. The main reason is that the Middle East region has abundant cheap raw materials and the Chinese market has a strong growth in demand. The recently announced large chemical engineering project includes the FluorKuwait project, a joint venture between Fluor and Kuwait Alghanim & Sons Integrated Trading Company. In addition, a significant portion of LindeEngineering's orders were from the Middle East, with Italy accounting for 80% of the $1.5 billion order of Italy's Tecé„„nimont. Although the Middle East region has successively announced the construction of an astonishing number of world-class petrochemical projects, Iran, one of the largest petrochemical engineering countries in the world, could not provide Western chemical engineering companies with opportunities, mainly because of international politics. American companies have been banned from entering the Iranian market for many years, which provides more opportunities for European and Asian companies. However, due to political factors, European banks have also begun to refuse to provide financing for the construction of Iranian petrochemical projects. Recently, Linde's $400 million worth of two ethylene plant construction contracts in Bandar Assaluyeh had to be cancelled because banks refused to provide financing.

Restructuring and mergers and acquisitions

In order to further occupy the chemical engineering market, in the past year, the global engineering construction industry has undergone a large number of restructuring and merger and acquisition activities. CH2W acquired Lockwood Greene Corporation and reorganized into three business groups, including Industrial Business Group including chemical business; LummusGlobal filed for bankruptcy protection for asbestos contamination allegations and has proposed a restructuring plan The Italian company Maire Group spent 180 million euros to buy engineering contractor Tecnimont from Edison; Germany's Linde Group will acquire British oxygen at a price of 16 pounds per share.

The combination of strengths and strengths is another means for engineering construction companies to obtain orders for major chemical engineering projects. AkerKavernerDavy process technology company and JohnsonMatthey catalyst company obtained a methanol engineering contract in Egypt; AkerKavé„„ernerDavy process technology company and global bioethanol technology leader PrajIndustry company jointly constructed chemical engineering in Egypt.

Business highlights

Faced with the huge fields involved in chemical engineering, various engineering companies are trying to create their own characteristics, and their business priorities have their own strengths. LindeEngineering is the world's largest supplier of air separation plants, known for air separation, hydrogen and olefins projects; in Italy's Tecnimont company 1.5 billion euros contract, orders are mainly concentrated in the field of petrochemical engineering; the United States Washington Group International (WGI) has From the field of upstream petroleum engineering where he was good at, he began to transfer to the chemical engineering business. He mainly undertakes the construction of front-end projects for petroleum refining and sulfur treatment projects; the world’s largest engineering construction and management company—the Bechtel company’s oil, gas and chemical engineering business in the United States. Unexpected development has been achieved, and continues to dominate the global LNG engineering market; for Technip, 2005 was an extremely important year in its development process. The company was among the top players in the field of LNG and ethylene engineering. It has consolidated its leading position in the deepwater oil and gas fields, refining and hydrogen engineering construction market.

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