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- ASX 200-listed Worley (WOR) wins two new contracts for engineering services and project management consultancy services
- Worley will provide engineering services to renewable diesel company Heartwell Renewables for a diesel plant set to produce 302 million litres of renewable fuel per year
- Additionally, the Worley has been awarded a contract with Borouge 4 to help expand its polyolefins complex in the United Arab Emirates
- Worley will provide project management services for the engineering, procurement and construction phases of the expansion, set to bump production from five million to 6.4 million tonnes of polyolefins per year
- WOR shares last traded at $14.75 on May 24
Engineering services company Worley (WOR) has announced two new contracts: one with Heartwell Renewables and one with Borouge 4 LLC.
The Heartwell contract
Under the Heartwell contract, Worley will provide engineering services to Heartwell’s planned greenfield renewable diesel plant in Nebraska, US.
The diesel plant is expected to produce 302 million litres of renewable fuel per year from feedstocks such as vegetable oils and tallow. The renewable diesel can then be used as a ‘drop-in fuel’ for vehicles powered by diesel without any engine modifications.
Worley CEO Chris Ashton said the company was looking forward to working with Heartwell on this “important contract that will contribute to our purpose of delivering a more sustainable world”.
Heartwell Renewables is a joint venture (JV) between The Love’s Family of Companies, a US-based chain of convenience stores, and Cargill, a Minnesota-based global food corporation.
Borouge 4 contract
The ASX 200-lister has also won a contract with Borouge 4, a JV between ADNOC and Borealis, for the fourth expansion of Borouge’s integrated polyolefins complex in the United Arab Emirates.
The expansion is set to boost Borouge’s production capacity of polyolefins — including polyethylene and polypropylene — from five million tonnes per year to 6.4 million tonnes per year.
The increased capacity would reportedly make the complex the largest single-site polyolefins complex in the world by 2025 and would help to meet the growing demand for polyolefins across the Middle East, Africa and the Asia Pacific.
Worley will provide project management consultancy services for the engineering, procurement and construction phases of the expansion.
Mr Ashton said Worley has worked with Borouge on its petrochemical plants for more than two decades.
“This significant contract further strengthens our long-standing relationship, and we look forward to supporting Borouge in realising its growth strategy and sustainability targets.”
Polyolefins are a type of polymer typically used in different types of plastics.
Some of the most common types of polyolefins include polyethylene, commonly used in shrink wrap and plastic shopping bags; polypropylene, used in food packaging, dishwasher-safe containers and carpeting; and polybutene, which, in liquid form, is commonly used in synthetic rubber, lubricants, and cosmetics.
Worley hasn’t disclosed the value of either contract.
WOR shares last traded at $14.75 on May 24.
