Chicago Bridge & Iron Company N.V. (NYSE:CBI) announced yesterday that it was awarded a contract by Xuzhou HaiDing Chemical Technology Co. Ltd courtesy of its CATOFIN technology.
The company revealed that Xuzhou HaiDing Chemical Technology Co. Ltd issued a contract for the engineering design and license for a propane dehydrogenation unit that will be built in China’s Jiangsu Province. The unit will be powered by CATOFIN catalytic dehydrogenation technology from CB&I as well as the non-noble and custom-made CATOFIN catalyst from Clariant to produce 600,000 metric tons of propylene per year.
The announcement highlights the fact that CB&I’s technology is currently one of the best in the industry. It has continued to be the preferred dehydration technology for most companies especially due to its strong performance which has constantly exceeded customer expectations.
“We look forward to furthering our technology footprint in China by licensing CATOFIN to Xuzhou HaiDing Chemical Technology’s fast-track project,” stated Daniel M. McCarthy, the executive vice president of technology at CB&I.
McCarthy further pointed out that CATOFIN has consistently exhibited top of its class operational reliability and that it continues to surpass nameplate capacities. The executive vice president also noted that the technology features optimized operational conditions that offer the highest selectivity and conversion to clients. It is ideal for operational expenditure as well as low capital projects.
The contract from Xuzhou HaiDing Chemical Technology Co. Ltd is expected to provide significant upside for the company in terms of revenue. It will also add to CB&I’s already impressive portfolio, thus solidifying its position. The contract is also a significant milestone for the firm because it offers a chance to open up more business in the Asian region.
CB&I is a world-class infrastructure and technology leader in the energy industry. The company boasts of more than 125 years industry experience which allows it to provide reliable solutions to clients all over the world while maintaining a high level of quality and focus.
CB&I stock closed the latest trading session on Monday at $14.15 after a 0.07 percent gain compared to the value of the stock during the previous close.