CB&I Wins Petrochemical Storage Project in Saudi Arabia.

THE WOODLANDS, Texas -- CB&I (NYSE:CBI) has been awarded a lump-sum turnkey contract to design and build storage tanks and pressure vessels for a petrochemical project in Al-Jubail, Saudi Arabia. The award is valued in excess of US$40 million. E[acute accent]CB&I's contract is with Eastern Petrochemical Company (SHARQ), an affiliate of Saudi Basic Industries Corporation (SABIC). To meet growing demand from Asia, SHARQ is adding 2.8 million metric tons per year of capacity for the production of ethylene, ethylene glycol and polyethylene at its plant in Al-Jubail. E[acute accent]CB&I will be responsible for the engineering, procurement, fabrication and construction of eight vessels, including two double-wall tanks for the storage of ethylene and propylene, and two stainless steel tanks for the storage of monoethylene glycol. Completion of the project is scheduled for fall 2007. E[acute accent]CB&I is one of the world's leading engineering, procurement and construction (EPC) companies, specializing in lump-sum turnkey projects for customers that produce, process, store and distribute the world's natural resources. With more than 60 locations and approximately 10,000 employees throughout the world, CB&I capitalizes on its global expertise and local knowledge to safely and reliably deliver projects virtually anywhere. Information about CB&I is available at www.CBI.com.