CB&I Announces Joint Development Agreement with Saudi Aramco

THE WOODLANDS, Texas, Jan. 18, 2018 /PRNewswire/ -- CB&I (NYSE:CBI) today announced it has entered into a Joint Development Agreement with Saudi Aramco that includes Chevron Lummus Global (CLG), CB&I's joint venture with Chevron U.S.A. Inc., for the development, commercialization and marketing of innovative crude-to-chemical technologies.

Together, Saudi Aramco, CB&I and CLG will develop a unique integration of advanced technology processes for the production of high-value petrochemicals from crude oil. Specifically, CB&I's ethylene cracker technology and CLG's hydroprocessing technologies combined with Saudi Aramco's proprietary Thermal Crude to Chemicals (TC2C™) technology will provide the platform for this joint development.

"It is an honor to partner with Saudi Aramco to develop the most competitive processing solution for crude to chemicals," said Daniel M. McCarthy, CB&I's Executive Vice President of Technology. "There is a lot of attention in the market to more efficiently produce higher value petrochemical products such as ethylene, propylene, butadiene and aromatics directly from crude oil. CB&I and CLG's breadth of technologies and catalysts are unmatched in the industry spanning essentially all relevant refinery and petrochemical processes, which provide a strong foundation for this joint development."

About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With more than 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

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Investors: Scott Lamb, +1 832 513 1068, [email protected] 
Media: Gentry Brann, +1 832 513 1031, [email protected]

SOURCE CB&I

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