DES PLAINES, Ill., March 19, 2013 /PRNewswire/ -- UOP LLC, a Honeywell (NYSE: HON) company, announced today it has been selected to provide technology to produce propylene in China.
Fujian Meide Petrochemical Co. Ltd. will use Honeywell's UOP C 3 Oleflex™ process technology to convert propane to propylene, a key ingredient in the production of materials such as films and packaging. It is the 12 th Oleflex project Honeywell's UOP has announced since the beginning of 2011, and the company's second project with Fujian Meide.
"UOP's Oleflex technology has been used extensively in China due to the region's accelerated propylene demand," said Pete Piotrowski, senior vice president and general manager of Honeywell's UOP Process Technology and Equipment business unit. "To date, UOP's combined Oleflex projects will help increase propylene production by more than 5 million metric tons globally in the next three years. We are pleased UOP's technology is at the forefront of helping meet demand for this vital resource, and we look forward to working with Fujian Meide on another project."
China's propylene consumption accounts for more than 15 percent of worldwide demand, and it is growing at about 5 to 6 percent per year, according to market projections.In 2011, Honeywell's UOP licensed its C 3 Oleflex process technology to Fujian Meide to produce 660,000 metric tons of propylene annually. The new unit, expected to start up in 2015, will produce the same annual quantity. In addition to technology licensing, Honeywell's UOP will provide engineering design, catalysts, adsorbents, equipment, staff training and technical service for the project at Fujian Meide's facility in Fuzhou City, Fujian Province, China. The UOP C 3 Oleflex process uses propane dehydrogenation (PDH) to convert propane to propylene. Compared with competing PDH processes, Oleflex technology provides the lowest cash cost of production, the highest return on investment and the smallest environmental footprint. The superior performance of Honeywell's UOP technology stems from its low capital costs, low energy use, high propylene yield and reliability, and maximum operating flexibility. Since the Oleflex technology was commercialized in 1990, Honeywell's UOP has commissioned nine C 3 Oleflex units for on-purpose propylene production and six C 4 Oleflex units for on-purpose isobutylene production. Since 2011, Honeywell's UOP has announced 11 new Oleflex units across China, Abu Dhabi and North America, including China's first combined C 3/C 4 Oleflex unit and the first two C 4 Oleflex units. Fujian Meide Petrochemical Co. Ltd. is a fully owned subsidiary of China Packing Group Company Ltd., which is headquartered in Fuzhou City, Fujian Province, China. 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 "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV