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Gold/Mining/Energy : Chicago Bridge & Iron Company N.V. (CBI)

CBI 16.39

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May 11 5:00 PM EST

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From: JakeStraw	9/13/2005 8:07:03 AM
	of 55

CB&I Wins Petrochemical Storage Project in Saudi Arabia biz.yahoo.com Tuesday September 13, 8:00 am ET THE WOODLANDS, Texas--(BUSINESS WIRE)--Sept. 13, 2005--CB&I (NYSE:CBI) has been awarded a lump-sum turnkey contract to design and build storage tanks and pressure vessels for a petrochemical project in Al-Jubail, Saudi Arabia. The award is valued in excess of US$40 million. CB&I's contract is with Eastern Petrochemical Company (SHARQ), an affiliate of Saudi Basic Industries Corporation (SABIC). To meet growing demand from Asia, SHARQ is adding 2.8 million metric tons per year of capacity for the production of ethylene, ethylene glycol and polyethylene at its plant in Al-Jubail. CB&I will be responsible for the engineering, procurement, fabrication and construction of eight vessels, including two double-wall tanks for the storage of ethylene and propylene, and two stainless steel tanks for the storage of monoethylene glycol. Completion of the project is scheduled for fall 2007.

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