Technology Contract Awarded To Chicago Bridge & Iron Company N.V. (NYSE:CBI) In Kazakhstan

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TOO Hill Resources has awarded a contract to Chicago Bridge & Iron Company N.V. (NYSE:CBI) to come up with an engineering design of a Shymkent, Kazakhstan-based Lube Base Oil facility. The facility will make use of technologies belonging to Chevron Lummus Global and this includes solvent deasphalting, isofinishing, isodewaxing and isocracking technologies to produce clean fuels and high-quality base oils. As a joint venture, Chevron Lummus Global brings together CB&I and Chevron Corporation (NYSE:CVX).

“This multi-technology contract is another example of CB&I’s breadth of technology portfolio at work. This award is CLG’s first award in Kazakhstan and symbolizes additional growth for the Central Asia region,” said the technology executive vice president at CB&I, Daniel M. McCarthy.

Indonesian facility

This comes less than a month after CB&I was awarded a similar contract for a related project in Indonesia by a subsidiary of Chandra Asri Petrochemical Group, PT Petrokimia Butadiene Indonesia. The contract involved coming up with an engineering design for a facility consisting of a BASF SELOP hydrogenation unit and a recovery unit for Butene-1 located in the Indonesian parts of West Java.

The development also comes less than a month since CB&I announced executive changes. Following the retirement of Philip Asherman as the chief executive officer and president, Patrick Mullen was appointed as the chief executive officer and president starting on July1, 2017.

Prior to his retirement Asherman had been credited with the transformation of CB&I as a subcontractor of specialty thanks to a global corporation dealing in energy and technology infrastructure. At the height of its success the company had over 50,000 people in its employ and spread to 85 countries across the globe with a business backlog amounting to more than $20 billion.

Asherman is also highly regarded in safety matters. Two years ago he received the award of Green Cross for Safety from the National Safety Council. This was the first time ever for the award to be given to a firm involved in construction and engineering.

On Monday the stock of Chicago Bridge & Iron Company N.V. fell by 2.23% to close the day at $15.80 a share.

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