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CB&I Announces Contract For U.S. Ethylene Plant

Stocks in this article: CBI OXY

THE WOODLANDS, Texas, Dec. 2, 2013 /PRNewswire/ --  CB&I (NYSE: CBI) announced today it has been awarded a contract valued at approximately $1 billion by Ingleside Ethylene LLC, a joint venture between Occidental Chemical Corporation (OxyChem), a subsidiary of Occidental Petroleum Corporation (NYSE:OXY), and Mexichem, S.A.B. de C.V. (Mexichem) for the engineering, procurement and construction of an ethane cracker and associated utilities and offsites to be located at OxyChem's complex in Ingleside, Texas. The cracker will have the capacity to produce approximately 1.2 billion pounds per year of ethylene.

Feedstock for the cracker is anticipated to be ethane derived from domestic shale gas.

As previously announced, CB&I provided the technology license and basic engineering for the ethylene technology, five SRT ® (short residence time) cracking heaters and the front end engineering and design (FEED) services.

"The award of this important ethylene project in the U.S. reflects the quality of work CB&I has provided to OxyChem and MexiChem to date," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "It shows the clients' confidence in our ability to provide a complete range of services from proven licensed process technology, fabrication and FEED services to engineered products, all the way through to EPC."

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

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2012, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

(Logo: http://photos.prnewswire.com/prnh/20130430/DA04155LOGO )

SOURCE CB&I

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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