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.
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