PHOENIX, Dec. 14, 2004 - Honeywell (NYSE: HON) today announced it has received a $60 (U.S.) million contract from Algerian oil company Naftec Spa for an automation project at its refinery in Arzew, Algeria. Honeywell will modernize the refinery's instrumentation systems with the goals of improving production and optimizing operational efficiency.
The Honeywell technology and equipment upgrades will give operators greater visibility into plant-wide operations and help them make business decisions quickly. Honeywell project engineering and construction services will help the plant to maintain a safe and consistent operating environment throughout the project. The multi-phase project is scheduled to begin in early 2005 and will be completed by 2009. "Honeywell won this project because the company understands our business needs and objectives and has extensive experience working with the petrochemical industry," said M. Djellout, Director of Development, Naftec.
"We know Honeywell will deliver reliable technology solutions that will help us achieve our production goals without compromising the safety of our workers or slowing down operations." Under the terms of the contract, Honeywell will install its Experion(tm) Process Knowledge System (PKS), field instrumentation systems, an advanced process control system, a training simulator and a centralized control room. The automation project will enable the Arzew refinery to upgrade existing controls and maintain normal plant operations. "Oil companies choose to upgrade their control systems because they can achieve better returns on their investments and avoid the high costs involved in replacing equipment," said Jack Bolick, president, Honeywell Process Solutions.
"Honeywell is pleased to offer Naftec this opportunity to boost productivity, improve worker efficiency and enhance plant safety." Naftec Spa is part of the Sonatrach Group, Algeria's state-owned oil and gas supplier. With this new project, Honeywell broadens its presence in the Algeria, where the company has operated for 12 years and has earned a reputation as a leading supplier of advanced process control solutions and comprehensive services for the petrochemical industry. Honeywell International is a $25 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials.
Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index.
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.
Experion(tm) is a trademark of Honeywell International Inc.
