Chicago Bridge & Iron Company N.V. (NYSE:CBI) Gets Award of FEED Contract for Gas Field Development

Albany, New York (09/26/2014) – According to reports, Chicago Bridge & Iron Company N.V. (NYSE:CBI) has been awarded for the FEED contract for developing a gas field. The contract has been awarded by Groupement Isarene, which is a joint venture between three entities Sonatrach, Enel Trade S.p.A and Petroceltic International plc. The main objective behind offering this contract to CBI is to provide front-end engineering design (FEED) services for the development work of Ain Tsila gas field, which is located in onshore Algeria.

Project scope of CBI:

Chicago Bridge & Iron Company N.V. (NYSE:CBI)’s scope for this project includes designing and developing grassroots 420 million cubic feet per day FEED for a gas plant facility. Other than this, the company will also be responsible for constructing three well and pipeline collection. CBI constructs a Gas plant facility which will include a huge gas processing plant equipped with a water condensate, separation, gas compression and liquefied petroleum gas recovery equipment. Other than these amenities, it will also include metering facilities and export pumps for executing the work effectively.

According to Patrick K. Mullen, President Construction, Engineering and Maintenance operating group of Chicago Bridge & Iron Company N.V. (NYSE:CBI), this contract has proven the legacy of CBI in delivering robust and complex gas and oil projects in all over the world. Algeria was one place that CBI didn’t explore earlier, but after this contract, the company would show its effective project delivery in Algeria as well. The breadth of experience and depth of resources of the company would create value for all the CBI customers. All the customers would be able to get optimized production from the CBI’s effective project. The company is looking forward to delivering the best project in order to create top notched image of brand Chicago Bridge & Iron Company N.V. (NYSE:CBI) in Algeria. Apart from Mullen, there was no one else who could answer reporters’ questions. At the same time, no one from Algeria local authorities came forward and spoke about this contract.

About the Author

Viraj Shah has done M.Com (Finance) and currently pursuing CFP. He is a technical analyst who tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in market.

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