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CB&I Announces Technology Acquisition

CB&I (NYSE: CBI) announced today it has entered into an agreement with Phillips 66 (NYSE: PSX) to acquire the company’s E-Gas™ Technology business.

The E-Gas™ solids gasification technology is a commercially proven process to convert coal or petroleum coke (petcoke) into syngas, which can be used for power generation or further converted to substitute natural gas, hydrogen and downstream methanol-related chemicals production.

“We look forward to adding the E-Gas™ Technology to our portfolio, which will mark our entry into the syngas value chain. It also will bring added synergy to our delayed coking technology offering for integrated power generation, and other options to the refining and power industries,” said Daniel McCarthy, group president of CB&I’s Technology operating group.

About CB&I

CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in the world and a major provider of government services. Drawing upon more than a century of experience and the expertise of approximately 50,000 employees, CB&I provides reliable solutions while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.cbi.com.

Copyright Business Wire 2010

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