CB&I Announces Technology Contract From GS Caltex Corporation

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Oct 17, 2013, 08:00 ET

THE WOODLANDS, Texas, Oct. 17, 2013 /PRNewswire/ -- CB&I (NYSE: CBI) announced today it has been awarded a contract by GS Caltex Corporation for the license, basic engineering and catalyst supply for a new paraxylene unit to be built in Yeosu, Korea.

The unit will use the BP paraxylene technology, exclusively licensed by CB&I, and will have a world scale design capacity. Start-up is expected in 2016.

The technology employs an innovative energy-efficient crystallization process to produce paraxylene and will provide GS Caltex with a reliable, low cost solution for its world scale plant.

"The energy efficiency and operating cost benefits afforded by this proven crystallization-based paraxylene technology are very attractive to the industry as evidenced by this latest award," said Daniel McCarthy, Executive Vice President and President of CB&I's Technology operating group. "The technology is employed in BP's operating units and has proven to be robust and reliable."

Paraxylene is an intermediate in the manufacture of polyester, a polymer used for a variety of applications from fibers to engineering plastics.

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