Honeywell International Inc. (HON - Free Report) recently announced that Antipinsky Refinery CJSC will use its Experion Process Knowledge System (PKS), which provides information about refinery operations. Antipinsky will be deploying the system to control plant processes and general refinery facilities. Experion PKS is to be deployed during the third stage of construction of Antipinsky oil refinery.
The new construction is likely to double the refinery's capacity to 7.5 million tons annually and catch up with the growing demand for clean fuels and other oil products in Russia and the European Union (EU). Also, demand for Antipinsky Refinery products throughout Russia and the EU is moving higher. The products produced from the Antipinsky Refinery next year will comply with the EU quality of the Euro-5 emission standard. In addition, this project also includes the construction of a water treatment plant, sewage treatment plant, steam generation plant and other general refinery facilities with construction expected to be complete by the end of this year. Also, Honeywell will open a new office in Tyumen, Russia, which will serve oil and gas customers in Western Siberia.
With the adoption of Honeywell’s PKS system, the operators will be able to manage the refinery in a more efficient way, improve operational flexibility, take informed decisions and resolve the challenges that the plant faces. The advanced automation system by Honeywell is likely to improve the overall productivity of the plant and at the same time ensure the safety and security of employees.
Honeywell is a global diversified technology and manufacturing company with 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. In the last reported quarter, Honeywell reported revenues of $9.7 billion, up 2.7% year-over-year.
Honeywell currently has a Zacks Rank #3 (Hold). Other stocks that look promising in the industry and are worth a look now are ITT Corporation (ITT - Free Report) , Federal Signal Corp. (FSS - Free Report) and United Technologies Corp. (UTX - Free Report) , each carrying a Zacks Rank #2 (Buy).