Chicago Bridge & Iron Gets Full Notice To Proceed From KPI
Zacks Investment Research | Dec 11, 2017 09:13PM ET
Chicago Bridge & Iron Company N.V. (NYSE:CBI) recently announced that it has received full notice to proceed from Kazakhstan Petrochemical Industries Inc. (KPI). The full notice to proceed was granted to the company for the project management services for a propane dehydrogenation unit (“PDH”) as well as a polypropylene plant located in Kazakhstan’s western Atyrau region.
Chicago Bridge & Iron’s CATOFIN propane dehydrogenation technology will be used by the PDH unit, while the polypropylene plant will utilize the company's Novolen advanced gas-phase polypropylene technology. The company will provide project management services on the different phases of this project, consequently offering its comprehensive solutions to customers in the region.
Existing Business Scenario
Going forward, Chicago Bridge & Iron estimates multiple opportunities in key end markets including the United States, East Africa and the Middle East. For the United States and Middle East, solid petrochemical investment on ethylene and low feedstock cost are projected to fuel growth. This apart, it has bright prospects in petrochemical projects in the Middle East as well as the U.S. Gulf Coast for both Technology and EPC, going forward. The Zacks Rank #3 (Hold) company has gained 23.5% of its value in past three months, outperforming the Zacks Investment Research
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