CB&I and China Power Investment Corporation to Jointly Build Nuclear Power Plants in China

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Oct 01, 2013, 08:00 ET

THE WOODLANDS, Texas, Oct. 1, 2013 /PRNewswire/ -- CB&I (NYSE: CBI) announced today it has signed an agreement with CPI Power Engineering Company, Ltd., a subsidiary of China Power Investment Corporation (CPI) to form a joint venture to build nuclear power plants in China.

CB&I's scope will include the provision of engineering, procurement, construction management, commissioning, project management and technical support services for new nuclear power plants planned and invested by CPI in China. CPI is one of the largest state-owned power generation companies and one of the three nuclear power plant owners and operators in China.

CB&I currently is providing engineering, procurement, commissioning, information management system and project management services for four nuclear power units under construction in China, including two units at CPI's site in Haiyang, Shandong province.

Since 2012, the State Council of China has approved construction of four new nuclear power plants and is expected to approve approximately 30 more nuclear power plants by 2020 to meet the nuclear power capacity stipulated in China's Mid- and Long-term Development Plan for Nuclear Power.

"This new commitment with CPI will reinforce CB&I's leadership position building next-generation nuclear power plants around the world," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "We are looking forward to continuing our relationship with CPI and contributing to China's long-term nuclear power plans."

CPI Executive Yu Jianfeng added, "CPI regards its strategic cooperation with CB&I on nuclear power plant projects as very important for CPI. This forthcoming joint venture company will further grow our mutually beneficial relationship and deepen our strategic cooperation with CB&I. Most importantly, it will contribute to China's mid-to-long term nuclear power development."

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.

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SOURCE CB&I