Time to get back in! We overshot to the downside waaaaay too far.
CB&I to Market Breakthrough Methanol-to-Olefins Technology
THE WOODLANDS, Texas--(BUSINESS WIRE)-- Lummus Technology, a CB&I (NYSE:CBI) company, and Shaanxi Xin Xing Coal Chemical Science & Technology Development Co., Ltd. (SYN) have signed a cooperative marketing agreement to globally license DMTO methanol-to-olefins technology.
This breakthrough technology enables new licensees to produce olefins from methanol, an economical alternative to crude oil-derived feedstocks. It also produces enhanced yields that will enable producers to cost-effectively expand their capacity-restricted olefins plants, which is not feasible using conventional ethylene technology.
The first application for this technology will be at the Shenhua Baotou Coal Chemicals Co., Ltd. plant in Baotou, China, which is currently in the detailed engineering and construction phase, and is expected to be completed by 2010. The plant is designed to produce 600,000 tons per annum of ethylene and propylene from methanol.
Olefins (ethylene and propylene) are used as intermediates in the petrochemical industry to produce a variety of products, including plastics, fibers and rubber.
About SYN
SYN is a joint venture company, controlled by DICP (Dalian Institute of Chemical Physics, Chinese Academy of Sciences), which licenses DMTO technology. For more information visit www.syn.ac.cn. DICP, founded in 1949, is a multidisciplinary institute engaging in both fundamental and applied researches of chemistry and chemical engineering, with strong capabilities in technological development. DICP, which has 30 years of DMTO technology research and development experience, is recognized as a world leader in this field. Since its founding, the institute has cultivated a number of scientists and academic leaders who have earned prominence both in China and abroad. Many younger scientific and technical elites have also been educated at the institute. Ten distinguished DICP scientists have been elected as Members of the Chinese Academy of Science and two scientists have been elected as Members of the Chinese Academy of Engineering. DICP currently has 590 employees, including 76 professors.
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 and patent applications, 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 18,000 employees in more than 80 locations, CB&I safely and reliably executes projects worldwide. For more information visit www.CBI.com. If you would like to be added to CB&I's news release email distribution list, click here.
Shayne can fool SOME of the shareholders ALL of the time.
And he can fool ALL of the shareholders SOME of the time.
But, he can't fool ALL of the shareholders ALL of the time!
