CB&I Buys E-Gas Biz from Phillips 66

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Netherlands-based energy infrastructure company CB&I -- the company formerly known as Chicago Bridge & Iron -- announced Thursday that it has purchased the E-Gas Technology business of Phillips 66 for an undisclosed sum.

E-Gas is described as a "solids gasification technology [used] to convert coal or petroleum coke (petcoke) into syngas, which can be used for power generation or further converted to substitute natural gas, hydrogen and downstream methanol-related chemicals production." It is thus sometimes more colloquially known as "coal gasification."

Announcing the acquisition Wednesday, CB&I Technology operating group president Daniel McCarthy said that the purchase of E-Gas marks CB&I's "entry into the syngas value chain," and furthers the company's ability to provide solutions for "integrated power generation."


Investors were less enthused. Shares of CB&I traded down 1.7% Thursday, closing at $57.39.

The article CB&I Buys E-Gas Biz from Phillips 66 originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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