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Chicago Bridge & Iron Company N.V. (NYSE: CBI) announced that the company has been selected by Yamal LNG LLC to provide front end engineering & design (FEED) services for the Yamal LNG project. The work is scheduled for completion in the first quarter of 2012.
"We are pleased to be selected for this significant project following our successful completion of the concept development earlier this year," said Philip K. Asherman, President and CEO. "We appreciate the trust and confidence shown by Yamal LNG LLC and look forward to continuing our relationship with them on this next phase of the project."
The Yamal LNG project consists of the production, treatment, transportation, liquefaction and shipping of natural gas and natural gas liquids from the South Tambey field on the Yamal Peninsula in Northern Siberia, Russia. Natural gas reserves in the South Tambey field are estimated at more than one trillion cubic meters.
CB&I's project scope includes FEED development for the 16.5 million tonnes per annum LNG liquefaction plant, including LNG storage and loading facilities. CB&I's FEED execution plan is based on engaging its international partners – Chiyoda and Saipem, as well as collaboration with Russian Design Institute – NIPIgazpererabotka, to address local design and authority approval requirements. The FEED will provide a firm basis for the detailed engineering, procurement and construction phase, as well as project schedule and cost estimates to enable Yamal LNG to secure the final investment decision. The value of the contract was not disclosed.
About Yamal LNG
The project operator is Yamal LNG LLC controlled by OJSC NOVATEK (LSE: NVTK), Russia's largest independent natural gas producer and second-largest natural gas producer. NOVATEK and TOTAL recently executed a Memorandum of Understanding under which TOTAL will become a strategic partner with a 20% stake in Yamal LNG LLC.
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