Feedstocks news in brief

30 April 2012 00:00  [Source: ICB]

NORTH AMERICA SHALE PROPELS Q1 FOR CB&I
About 75% of the construction projects landed by US engineering firm CB&I in the first quarter are located in North America, largely as a result of the advent of shale gas production, company executives said. CB&I secured $1.7bn (€1.3bn) in first-quarter (Q1) new contract awards, compared with $1.0bn in the same quarter last year. The Q1 projects brought the company's total project backlog to $9.6bn, but CEO Philip Asherman said CB&I was "beginning to experience a very positive rebalancing in our workload, with over 75% of the projects in Q1 in North America". He noted that North America shale gas production had resulted in new demand for natural gas processing facilities, liquefied natural gas (LNG) terminals and petrochemical plants.

NABUCCO DENIES PM CLAIMS OF MOL PULLOUT
The Nabucco consortium and the European Commission have had no indication that Hungary's MOL is set to withdraw from their pipeline project, despite comments to the contrary from the Hungarian prime minister, they said last week. "Nabucco is in trouble. I'm not an expert in the details, but what I have seen is that even MOL is leaving the whole project," Viktor Orban said last week at an event in Brussels organised by the European Policy Centre. Orban's comments followed a 17 April meeting with Alexei Miller, the CEO of Russia's Gazprom, which is building the South Stream pipeline, a direct competitor to the EU-favored Nabucco project to transport gas to Europe via a pipeline stretching from Azerbaijan to Austria. Hungary would like to ensure that the South Stream project picks a route that runs across Hungarian territory rather than around it, Orban added in his Brussels comments.


By: Will Beacham
+44 20 8652 3214



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