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Diversified technology company Honeywell International Inc. (HON - Analyst Report) recently announced that the indigenous technology of its wholly-owned subsidiary UPO LLC was selected to remove acid gas from the world’s first Floating Liquefied Natural Gas (FLNG) project in Malaysia. The technology will be utilized by Petroliam Nasional Berhad (PETRONAS) for its upcoming project titled PETRONAS Floating LNG 1 or PFLNG 1.

As the national oil company of Malaysia, PETRONAS is vested with the entire ownership and control of the petroleum resources in the country. Since its inception in 1974, it has evolved from being the manager and regulator of Malaysia’s upstream sector into a fully integrated global oil and gas corporation. The FLNG initiative is one of the latest endeavors of PETRONAS to improve the productivity and efficiency of natural gas production across the globe.

FLNG facilities allow the treatment of natural gas, liquefaction for transport by sea, and loading and offloading operations at an offshore location. This in turn is likely to unlock gas reserves, particularly in remote fields, that were previously deemed uneconomical to develop.

PETRONAS will utilize UOP Amine Guard FS process to eradicate acid gas contaminants such as carbon dioxide and hydrogen sulfide from the liquefied natural gas (LNG) feed streams. The technology has enabled PETRONAS to enhance reliability and expand its operating envelope. The company is now trying to replicate this success in a floating service environment in its PFLNG 1 project.   

Headquartered in Des Plaines, IL, UOP is a premier supplier of process technology, catalysts, adsorbents, process plants, and consulting services to the petroleum refining, petrochemical, and gas processing industries across the globe. It is a part of Honeywell's Performance Materials and Technologies strategic business group.

Based in Morris Township, NJ, Honeywell manufactures a wide range of aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals and energy efficient products and solutions for homes, business and transportation.

Honeywell organizes its business into four operating segments – Aerospace, Automation and Control Solutions, Performance Materials and Technologies, and Transportation Systems. Honeywell’s diversified business portfolio mitigates operating risks and enables it to earn consistent above-average returns.

However, Honeywell faces intense competition from industry bigwigs such as Crane Co. (CR - Snapshot Report), Carlisle Companies Incorporated (CSL - Snapshot Report), and Raven Industries Inc. (RAVN - Analyst Report), each carrying a Zacks Rank #2 (Buy). Presently, Honeywell also has a Zacks Rank #2 (Buy).

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