(HON) Honeywell International’s UOP Unit Wins Contract

UOP LLC, a wholly-owned subsidiary of Honeywell International Inc. (HON), has agreed to provide key technology to the Abu Dhabi Oil Refining Co. (Takreer) for a new propane dehydrogenation (PDH) unit in the United Arab Emirates. The financial terms of the transaction were not disclosed.

Takreer refines crude oil and condensate, supplies petroleum products and produces granulated sulfur. The company’s refineries at Ruwais and Abu Dhabi produce more than 23 million tons of products for local and export markets every year.

Under the contract, UOP will provide engineering design, technology licensing, catalysts, adsorbents and equipment for the new project. UOP’s C3 Oleflex technology will assist the new unit to convert propane to propylene, a material used in the production of materials such as films and packaging.

This new unit signifies the world’s first PDH unit to be implemented within a refinery, which underscores that refineries are moving toward production of higher-value petrochemical products to extract the maximum value from their operations.

UOP also entered into a contract with Takreer to provide process technology for its Ruwais facility. UOP’s technology will upgrade distillate-range petroleum fractions to produce ultra-low-sulfur diesel at the Carbon Black & Delayed Coker project.

Based in Morris Township, N.J., Honeywell International Inc. is a Fortune 100 company providing technical and manufacturing support to customers worldwide. It also provides aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Major competitors of Honeywell are BorgWarner Inc. (BWA), United Technologies Corp. (UTX) and Johnson Controls Inc. (JCI).

We currently maintain our Neutral rating on Honeywell, with a Zacks #2 Rank (Buy recommendation) over the next one-to-three months.

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