Honeywell's UOP Technology Selected To Help Meet Growing Demand In China For Propylene, A Key Plastics Ingredient
License agreement is the 18th announced since the beginning of 2011 for UOP's Oleflex™ technology
Des Plaines, IL /PRNewswire/ - UOP LLC, a Honeywell (NYSE: HON) company, announced that Ningbo Fortune Petrochemical Co. Ltd., a Chinese petrochemical producer, has selected UOP's C3 Oleflex process technology to convert propane to propylene, a high value monomer used in plastics production.
This is the 18th license for UOP's Oleflex technology worldwide since the beginning of 2011 as petrochemical producers move to meet the growing, global demand for light olefins. This is a repeat technology selection and strong endorsement for UOP Oleflex technology by Ningbo Fortune's parent company Oriental Energy Co., Ltd. Oriental Energy is the primary investor in Zhangjiagang Yangzi River Petrochemical Co., Ltd., which announced in 2012 that it will license C3 Oleflex technology for a separate project at Zhangjiagang City, Jiangsu Province, China.
"Demand for propylene is expected to continue to be strong globally, especially in China," said Pete Piotrowski, senior vice president and general manager of UOP's Process Technology and Equipment business unit. "UOP is helping meet high demand with this proven technology and has licensed Oleflex to 12 Chinese propylene producers."
Ningbo Fortune will install the technology at its facility in Ningbo City, China. Production is expected to begin in 2016, with a licensed capacity of 600,000 metric tons of propylene per year. In addition to technology, UOP will provide training, technological services, catalysts, adsorbents and equipment for the project.
Ningbo Fortune selected Oleflex for its stable catalytic performance and high product yields. Compared with competing processes, UOP's C3 Oleflex technology has the smallest environmental footprint, lowest cash cost of production and highest return on investment.
Ningbo Fortune Petrochemical Co., Ltd., located in Ningbo Daxie Development Park, is a wholly-owned subsidiary of Oriental Energy Co., Ltd.
UOP LLC, headquartered in Des Plaines, Illinois, USA, is a leading international supplier and licensor of process technology, catalysts, adsorbents, process plants, and consulting services to the petroleum refining, petrochemical, and gas processing industries. UOP is a wholly-owned subsidiary of Honeywell International, Inc. and is part of Honeywell's Performance Materials and Technologies strategic business group. For more information, go to www.uop.com.
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: HoneywellCopyright 2014 PR Newswire. All Rights Reserved