Honeywell will have the opportunity to provide professional consultancy, best practice sharing, and continual training to PetroVietnam.
HANOI, May 23, 2016 – Honeywell (NYSE:HON) today announced it has signed a memorandum of understanding (MOU) with Vietnam Oil and Gas Group (PetroVietnam) to advance cooperation in Vietnam’s oil and gas industry. The MOU was signed during U.S. President Barack Obama’s visit to Vietnam, and in the presence of representatives of the U.S. and Vietnamese governments, as well as executives from the two companies.
The MOU formalizes the deepening relationship between Honeywell and PetroVietnam and further confirms a common vision of developing a strong, cooperative partnership.
“The increasing cooperation between Honeywell and PetroVietnam is critical not only to our two companies, but to our two countries,” said Mai Trang Thanh, President of Honeywell Indochina. “We are greatly honored that our advanced technologies and services can play a part in Vietnam’s development into a safer, more secure and energy efficient country.”
Under the terms of the MOU, Honeywell will have the opportunity to provide professional consulting services and advice to PetroVietnam and its subsidiaries for future investment projects as well as to support PetroVietnam in engineering design and economic and technical project feasibility studies for all of its facilities.
“Honeywell is an important partner to oil and gas companies in Vietnam over the last two decades, and this MOU marks another significant milestone in that relationship,” said David Low, Vice President and Asia General Manager of Honeywell Performance Materials and Technologies. “Honeywell has provided process technologies as well as automation and control solutions, technical management services, and safety solutions for PetroVietnam’s upstream and downstream projects as well as those of its subsidiaries, including Bien Dong POC, Vietsovpetro, Dung Quat Refinery, and PV Gas.”
In 1999, Honeywell UOP licensed the CCR Platforming™ and Penex™ processes to PetroVietnam’s Dung Quat Refinery, for the production of fuels, fuel blending components and aromatics. In 2009, UOP licensed an additional aromatics complex, and alkylation and sulfur removal processes to the Nghi Son Refinery. Honeywell UOP won a major gas project with PetroVietnam in 2012 that included technology to recover natural gas liquids. Last year, Honeywell UOP announced a 250 mmscfd modular gas processing plant for PV Gas in Ca Mau, and a refinery and petrochemical complex for the Nghi Son Refinery.
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Honeywell Performance Materials and Technologies (PMT) is a global leader in developing advanced materials, process technologies and automation solutions. PMT’s Advanced Materials businesses manufacture a wide variety of high-performance products, including environmentally friendlier refrigerants and materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips and pharmaceutical packaging. Process technologies developed by Honeywell UOP (www.uop.com) form the foundation for most of the world’s refiners, efficiently producing gasoline, diesel, jet fuel, petrochemicals and renewable fuels. Honeywell Process Solutions business (www.honeywellprocess.com) is a pioneer in automation control, instrumentation and services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals and mining industries.
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. Honeywell has offices in both Hanoi and Ho Chi Minh City and has been providing the Vietnam market with technologies from all four businesses. For more news and information on Honeywell, please visit Honeywell Vietnam.
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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
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