CB&I and China Power Investment Corporation to Jointly Build Nuclear Power
Plants in China
THE WOODLANDS, Texas, Oct. 1, 2013
THE WOODLANDS, Texas, Oct. 1, 2013 /PRNewswire/ --CB&I (NYSE: CBI) announced
today it has signed an agreement with CPI Power Engineering Company, Ltd., a
subsidiary of China Power Investment Corporation (CPI) to form a joint venture
to build nuclear power plants in China.
CB&I's scope will include the provision of engineering, procurement,
construction management, commissioning, project management and technical
support services for new nuclear power plants planned and invested by CPI in
China. CPI is one of the largest state-owned power generation companies and
one of the three nuclear power plant owners and operators in China.
CB&I currently is providing engineering, procurement, commissioning,
information management system and project management services for four nuclear
power units under construction in China, including two units at CPI's site in
Haiyang, Shandong province.
Since 2012, theState Councilof Chinahas approvedconstruction offournew
nuclear power plantsand is expected to approveapproximately 30morenuclear
powerplantsby 2020 to meet the nuclear power capacity stipulated in China's
Mid- and Long-term Development Plan for Nuclear Power.
"This new commitment with CPI will reinforce CB&I's leadership position
building next-generation nuclear power plants around the world," said Philip
K. Asherman, CB&I's President and Chief Executive Officer. "We are looking
forward to continuing our relationship with CPI and contributing to China's
long-term nuclear power plans."
CPI Executive Yu Jianfeng added, "CPI regards its strategic cooperation with
CB&I on nuclear power plant projects asvery important for CPI.This
forthcoming joint venture company will further grow our mutually beneficial
relationship and deepen our strategic cooperation with CB&I. Most importantly,
it will contribute to China's mid-to-long term nuclear power development."
CB&I (NYSE:CBI) is the most complete energy infrastructure focused company in
the world and a major provider of government services. Drawing upon more than
a century of experience and the expertise of approximately 50,000 employees,
CB&I provides reliable solutions while maintaining a relentless focus on
safety and an uncompromising standard of quality. For more information, visit
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Contact: Media, www.CBI.com, or Investors, Christi Thoms +1-832-513-1200
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