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CB&I Awarded $1B Contract for US Ethylene Plant

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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."

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