CB&I Announces Technology and Development Contract for Residue Upgrading Complex in Sweden

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June 16, 2016

CB&I (NYSE:CBI) today announced Chevron Lummus Global, a joint venture between CB&I and Chevron, has been awarded a contract by Beowulf Energy Sweden LLC, who recently signed a cooperation agreement with Preem, for the technology license and development of a residue upgrading complex in Lysekil, Sweden. The scope of the contract includes the license of Chevron Lummus Global's LC-Slurry® technology with integrated ISOCRACKING® and ancillary units. Under the agreement, CB&I also will develop a detailed cost estimate and execution plan for the engineering, procurement and construction phase of the project.

"We look forward to this new partnership with Beowulf, as well as continuing our long-standing relationship with Preem," said Daniel McCarthy, President of CB&I's Technology operating group. "This award marks the first LC-Slurry license since adding the maximum residue conversion technology to our CLG portfolio last year."

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