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CB&I Announces Petrochemicals Expansion Project In US - Quick Facts

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CB&I (CBI: Quote) said it secured a contract worth about $300 million from Williams Olefins, LLC for a petrochemicals expansion project in Geismar, Louisiana.

According to the company, the scope of the award includes the license and basic engineering for the ethylene technology, the supply of the cracking furnaces, and the detailed engineering, procurement, and construction of the expansion project. Plant capacity is expected to be increased from 1.35 to 1.95 billion pounds per year.

Philip Asherman, president and CEO, said, "We are very pleased to be selected for this important U.S. ethylene project. The petrochemicals market is re-emerging in the U.S. due to the abundance of lower cost ethane feedstock, directly attributable to increased shale gas production. This award reflects the industry's confidence in CB&I's ability to provide both proven technology and EPC services to the petrochemicals market."

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by RTT Staff Writer

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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