CB&I Awarded FEED Contract for NKNK Ethylene Plant in Russia
Published on Wednesday, 20 June 2012 07:06 Written by TradersHuddle StaffTHE WOODLANDS, Texas-( Business Wire )-
CB&I (NYSE: CBI) announced today that it has been awarded a contract valued in excess of US$40 million by Nizhnekamskneftekhim OAO (NKNK) to provide front end engineering and design (FEED) services for a new ethylene plant. The work is scheduled for completion in 2013.
"We are pleased to be selected for this significant project following our successful completion of the feasibility study last year and the recent award of the technology license. We appreciate the trust and confidence shown by NKNK and look forward to continuing our relationship with them on the next phase of the project," said Philip K. Asherman, CB&I's President and CEO.
CB&I’s project scope includes FEED for a 1.0 million tonne per annum ethylene plant, a related butadiene extraction unit and a pyrotol unit, including offsites and utilities.
Nizhnekamskneftekhim is the largest independent producer of synthetic rubber and polymers in the Russian Federation, and part of TAIF group of companies. The company produces over 140 petrochemical products since 1967 and exports approximately 50% of their production to 52 countries in Europe, America and Asia. For more information, visit www.nknh.ru.
CB&I (NYSE: CBI) engineers and constructs some of the world’s largest energy infrastructure projects. With premier process technology from its Lummus Technology business, proven EPC expertise, and unrivaled storage tank experience, CB&I executes projects from concept to completion. Safely. Reliably. Globally. For more information, visit www.CBI.com.
This 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, 2011, 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.
CB&IChristi Thoms, +1 832 513 1200www.CBI.com
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