November 29, 2007

Refineria De Cartagena Awards Refinery Expansion Contract to CB&I

CB&I has been awarded a contract by Refineria de Cartagena for a refinery expansion project in Cartagena, Colombia.

CB&I will perform the engineering, procurement and construction on the expansion project, including adding 14 new processing units. The expansion is designed to increase processing capacity at the fully integrated oil refinery from 80,000 barrels of crude oil per day to a total capacity of 0.15 million barrels per day. The upgraded facility will produce ultra low sulfur gasoline and diesel from a heavy crude oil slate.

The definition phase of CB&I's contract is valued at approximately $80 million and includes engineering development and procurement services for equipment and materials with long lead times.

Philip Asherman, president and CEO, said: "We are pleased to be selected as the engineering, procurement and construction contractor for this major Colombian project which, when complete, is expected to nearly double the refinery's current output and help relieve constrained regional refining capacity.

"We anticipate finalizing the full scope of the project and beginning construction by year-end 2008. This project builds on CB&I's extensive history in Latin America and capitalizes on our proven worldwide experience in refinery expansion projects."