KBR's Plastics Recycling Technology Selected by GS Caltex, South Korea

News provided by

Oct 17, 2022, 06:00 ET

HOUSTON, Oct. 17, 2022 /PRNewswire/ -- KBR (NYSE: KBR) announced today that it has won a contract from GS Caltex for its planned plastics circularity project in South Korea.

Based on KBR and Mura's Hydro-PRT® process, the 50 kTA unit will convert waste plastics into raw materials for conversion into new plastics, achieving total circularity.

"We are thrilled to support GS Caltex in their effort to integrate circularity in their value chain," said Doug Kelly, KBR President, Technology. "Hydro-PRT is positioned to play a pivotal role in KBR's effort to help our clients' ESG objectives through our sustainability platform."

"Along with KBR, I am pleased to support GS Caltex in its endeavor to establish early leadership in plastics circularity," said Dr. Steve Mahon, CEO of Mura Technology. "Our differentiated, proven, and scalable Hydro-PRT process is designed to enable companies to achieve their ESG goals and we are excited to work with the team of GS Caltex for the same."

"Deploying KBR's plastics recycling technology, offered in alliance with Mura, marks one of the key factors for us at GS Caltex towards meeting our circularity targets. With this contract we move a step ahead in the sustainable and green technology sector by establishing a greener facility," said Woo Jin Choi, Vice President of GS Caltex.

KBR has been a leader in process technology development, commercialization, and plant design solutions for over 50 years. In early 2021, KBR entered into an alliance to become Mura Technology's exclusive licensing and delivery partner and together, KBR and Mura have been awarded numerous license awards and feasibility studies related to plastics recycling.

About KBR

We deliver science, technology and engineering solutions to governments and companies around the world. KBR employs approximately 28,000 people performing diverse, complex and mission critical roles in 34 countries.

KBR is proud to work with its customers across the globe to provide technology, value-added services, and long- term operations and maintenance services to ensure consistent delivery with predictable results. At KBR, We Deliver.

Visit www.kbr.com

About Mura Technology

Mura Technology intends to become the world's leading producer of recycled hydrocarbons, creating a circular economy for plastic, whilst helping to decarbonise the petrochemical industry and eliminate global plastic pollution. It is pioneering a scalable process to divert waste plastic away from incineration, reduce carbon emissions and prevent millions of tonnes of plastic from entering the natural environment every year.

The process, Hydro-PRT® (Hydrothermal Plastic Recycling Technology), creates a much wider scope for recycling all types of plastic, including flexible, multi-layered film and post-consumer, contaminated materials. Mura is partnering with the entire plastic recycling value chain, including international consumer brands, resin producers and waste management companies, to scale the process worldwide. The company aims to have 1,000,000 tonnes of plastic recycling capacity in operation or development by 2025.

Visit www.muratechnology.com

Forward Looking Statement

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control that could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the significant adverse impacts on economic and market conditions of the COVID-19 pandemic and the company's ability to respond to the resulting challenges and business disruption; the recent dislocation of the global energy market; the company's ability to manage its liquidity; the outcome of and the publicity surrounding audits and investigations by domestic and foreign government agencies and legislative bodies; potential adverse proceedings by such agencies and potential adverse results and consequences from such proceedings; changes in capital spending by the company's customers; the company's ability to obtain contracts from existing and new customers and perform under those contracts; structural changes in the industries in which the company operates; escalating costs associated with and the performance of fixed-fee projects and the company's ability to control its cost under its contracts; claims negotiations and contract disputes with the company's customers; changes in the demand for or price of oil and/or natural gas; protection of intellectual property rights; compliance with environmental laws; changes in government regulations and regulatory requirements; compliance with laws related to income taxes; unsettled political conditions, war and the effects of terrorism; foreign operations and foreign exchange rates and controls; the development and installation of financial systems; the possibility of cyber and malware attacks; increased competition for employees; the ability to successfully complete and integrate acquisitions; and operations of joint ventures, including joint ventures that are not controlled by the company.

The company's most recently filed Annual Report on Form 10-K, any subsequent Form 10-Qs and 8-Ks, and other U.S. Securities and Exchange Commission filings discuss some of the important risk factors that the company has identified that may affect its business, results of operations and financial condition. Except as required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

SOURCE KBR, Inc.