First significant Advanced Control project in a Russian Refinery
PHOENIX, March 3, 2004 - Honeywell (NYSE: HON) Process Solutions announced today that it has received a $1.1 million contract for Advanced Process Control (APC) and supporting infrastructure from TNK-BP for their Ryazan Refinery in Russia. The APC project is scheduled to be completed in third quarter of 2004.TNK-BP is a new 50/50 venture, combining the oil and gas assets of BP and the consortium of Alfa Group, Access Industries and Renova in Russia and Ukraine. The memorandum of understanding between the two groups was signed in February 2003 and the new company started its activity in September 2003, being the eighth largest private oil company in the world (by production).
TNK-BP chose Honeywell's Advanced Process Control for optimization of the crude unit AVT-4 of their Ryazan Refinery. The APC package will enable TNK-BP to increase their output of light oil products. The Honeywell solution offers economic benefits and a greater return-on-investment to TNK-BP. Honeywell will provide on-site engineering, modeling and testing of the actual model on site.
The project will be implemented by local Russian engineers.Honeywell and TNK-BP have worked together on previous successful automation projects. The plant currently has six Honeywell process control systems. Honeywell International is a $23 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; specialty chemicals; fibers; and electronic and advanced materials.
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For additional information, please visit www.honeywell.com .Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.
For more information about Process Solutions, access www.acs.honeywell.com . This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions.
Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
