Fluor Joint Venture

Fluor Corp. said Thursday that its Fluor Daniel unit has formed a joint venture with Boston-based engineering services firm Stone & Webster to pursue petrochemical industry construction project jobs.

The joint venture, to be headquartered in Houston, will concentrate on the ethylene industry. Ethylene is a major petrochemical feedstock used to manufacture a variety of derivatives, including plastics and solvents.

Fluor Daniel officials said capital expenditures on ethylene and ethylene-based derivative refining and processing projects are expected to total $43 billion over the next seven years.

Financial details of the joint venture arrangement were not disclosed.