DES PLAINES, Ill., May 16, 2013 /PRNewswire/ -- UOP LLC, a Honeywell (NYSE: HON) company, announced today that it has been selected to provide technology for the world's largest on-purpose propylene production facility, located on the U.S. Gulf Coast.
Ascend Performance Materials Operations LLC 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 nylon, films and packaging.
Petrochemical makers are installing additional propylene capacity to meet growing demand and to make up for the shortage of propylene production from traditional refining and petrochemical sources. The Ascend project is the 14 th Oleflex project Honeywell's UOP has announced since the beginning of 2011, and the company's seventh Oleflex project in North America since the technology was developed. The combined Oleflex projects announced since 2011 will help increase propylene production by nearly 7 million metric tons globally in the next three years.
"Global propylene demand is growing at about 4-5 percent per year. The U.S. is seeing an increase in on-purpose propylene production because of the abundance of low-cost propane from shale gas," said Pete Piotrowski, senior vice president and general manager of Honeywell's UOP Process Technology and Equipment business unit. "Compared with competing propane dehydrogenation processes, UOP Oleflex technology provides the lowest cash cost of production, the highest return on investment and the smallest environmental footprint."Ascend will install the Oleflex technology at a facility on the U.S. Gulf Coast to produce more than 1 million metric tons of propylene per year beginning in 2015. In addition to technology licensing, Honeywell's UOP will supply engineering design, catalysts, adsorbents and selected equipment for the project. "As Ascend continues to take the steps necessary for the development of a propane dehydrogenation plant, one of our most important decisions is the choice of technology," said Tim Strehl, president, Ascend Performance Materials Operations. "We believe Honeywell's UOP process technology will provide us with the best production advantage, and we look forward to our partnership with them." Ascend is a global leader in proprietary technologies that are essential to the production of nylon, plastics and synthetic fibers found in commercial and industrial products. Ascend has offices throughout the world and five manufacturing facilities in the U.S.
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 + 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