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CB&I Awarded Contract for Colombia Refinery Expansion Project

THE WOODLANDS, Texas - November 28, 2007 -- CB&I (NYSE: CBI) announced that it has been awarded a contract by Refinería de Cartagena S.A. for a refinery expansion project in Cartagena, Colombia.

CB&I will perform the engineering, procurement and construction on the expansion project, including adding 14 new processing units. The expansion is designed to increase processing capacity at the fully integrated oil refinery from 80,000 barrels of crude oil per day to a total capacity of 150,000 barrels per day. The upgraded facility will produce ultra low sulfur gasoline and diesel from a heavy crude oil slate.

The definition phase of CB&Iís contract is valued at approximately $80 million and includes engineering development and procurement services for equipment and materials with long lead times.

"We are pleased to be selected as the EPC contractor for this major Colombian project which, when complete, is expected to nearly double the refineryís current output and help relieve constrained regional refining capacity," said Philip K. Asherman, President and CEO. "We anticipate finalizing the full scope of the project and beginning construction by year-end 2008. This project builds on CB&Iís extensive history in Latin America and capitalizes on our proven worldwide experience in refinery expansion projects."

Refinería de Cartagena S.A. is owned by Glencore International AG (51%) and Ecopetrol, Colombiaís national oil company (49%).


About CB&I

CB&I combines proven process technology with global capabilities in engineering, procurement and construction to deliver comprehensive solutions to customers in the energy and natural resource industries. With more than 70 proprietary licensed technologies and 1,500 patents, CB&I is uniquely positioned to take projects from conceptual design, through technology licensing, engineering and construction and final commissioning. Drawing upon the global expertise and local knowledge of approximately 17,000 employees in more than 80 locations, CB&I safely and reliably executes projects worldwide. For more information visit www.CBI.com.

For Further Information Contact:
Media: Jan Sieving +1 832 513 1111
Analysts: Marty Spake +1 832 513 1245

Article taken from CBI.com, November 28, 2007.

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