Global chemical engineering industry enters its peak period

At present, a growing number of chemical projects under construction have brought the construction market to its most vibrant phase in over a decade. According to US-based Foster Wheeler, the investment cycle in chemical engineering is quite pronounced, and the global industry's upward trend since 2004 is expected to continue through 2008. **Chemical Engineering Booms in the Middle East** Currently, the number of chemical projects being developed by global oil and chemical companies in the Middle East and China is on the rise. This surge is driven by the region’s access to low-cost raw materials and the strong demand growth in the Chinese market. Recent major projects include the FluorKuwait initiative, a joint venture between Fluor and Kuwait Alghanim & Sons. Additionally, LindeEngineering has secured a significant portion of its orders from the Middle East, with Italy accounting for 80% of a $1.5 billion contract with Tecnomont. Despite the Middle East announcing numerous world-class petrochemical projects, Iran—among the largest petrochemical producers globally—has not offered opportunities to Western firms due to international political tensions. American companies have been excluded from the Iranian market for years, opening doors for European and Asian firms. However, European banks are now also refusing to finance Iranian petrochemical projects. Recently, Linde had to cancel two $400 million ethylene plant contracts in Bandar Assaluyeh due to lack of financing support. **Restructuring and Mergers** To gain a stronger foothold in the chemical engineering market, the global engineering sector has seen a wave of restructuring and mergers over the past year. CH2M acquired Lockwood Greene Corporation and reorganized into three business groups, including an Industrial Business Group that includes chemical engineering. LummusGlobal filed for bankruptcy protection due to asbestos-related claims and proposed a restructuring plan. Meanwhile, the Italian Maire Group spent 180 million euros to acquire engineering contractor Tecnimont from Edison. Germany’s Linde Group also announced a deal to acquire British Oxygen at 16 pounds per share. Collaborations between leading firms have become a key strategy for securing major chemical engineering projects. For instance, AkerKværnerDavy and Johnson Matthey won a methanol project in Egypt, while AkerKværnerDavy partnered with PrajIndustry, a global leader in bioethanol technology, to build chemical projects in the same region. **Business Highlights** With the vast scope of chemical engineering, various companies are focusing on their unique strengths. LindeEngineering is the world’s top supplier of air separation plants, known for its expertise in air separation, hydrogen, and olefins projects. Tecnimont, which recently secured a 1.5 billion euro contract, specializes in petrochemical engineering. Washington Group International (WGI), originally focused on upstream petroleum engineering, has expanded into chemical engineering, handling front-end projects in refining and sulfur treatment. Bechtel, the world’s largest engineering and construction company, has made significant progress in the U.S. oil, gas, and chemical sectors, maintaining dominance in the global LNG market. For Technip, 2005 marked a pivotal year as it solidified its leadership in LNG and ethylene engineering, as well as deepwater oil and gas fields, refining, and hydrogen projects.

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