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CB&I to Supply Gas Processing Plant for Camisea Expansion Project in Peru

Posted on: Wednesday, 30 November 2005, 09:00 CST

CB&I (NYSE:CBI) has been awarded a lump-sum contract to supply a natural gas processing plant in Malvinas, Peru, as part of an expansion of the Camisea gas project. The award, valued in excess of US$45 million, is included in CB&I's new business taken for the third quarter 2005.

CB&I's contract is with Pluspetrol Peru Corporation S.A. as operator and contract administrator acting on behalf of the licensees Pluspetrol Peru Corporation S.A.; Hunt Oil Company of Peru LLC, Sucursal del Peru; SK Corporation, Sucursal Peruana; Tecpetrol del Peru S.A.C. and Sonatrach Peru Corporation S.A.C.

CB&I will be responsible for the engineering, procurement, modular fabrication and FAS supply of two cryogenic trains each designed to produce 360 million standard cubic feet per day of gas. The units will treat gas extracted from the Pagoreni field to remove water and then separate the heavier hydrocarbons (natural gas liquids) out of the gas stream. The fast track project schedule calls for delivery of the two cryogenic units one year from contract award.

CB&I has been involved in the Camisea project since its inception, having supplied the initial cryogenic plant at Malvinas, as well as a fractionation and topping plant at Pisco and the associated refrigerated and atmospheric storage tanks.

"We are pleased to work once again with Pluspetrol and its partners on this critical expansion of the Camisea project," said Gerald M. Glenn, CB&I's Chairman, President and CEO. "Providing a clean-burning fuel supply to meet growing domestic demand and a valuable export commodity, the expansion of the Camisea development will generate substantial benefits for Peru."

CB&I executes on average more than 700 projects each year and is one of the world's leading engineering, procurement and construction (EPC) companies, specializing in lump-sum turnkey projects for customers that produce, process, store and distribute the world's natural resources. With more than 60 locations and approximately 11,000 employees throughout the world, CB&I capitalizes on its global expertise and local knowledge to safely and reliably deliver projects virtually anywhere. Information about CB&I is available at www.CBI.com.

Source: Business Wire

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