Honeywell Process Solutions, a part of Honeywell International Inc ( HON ), recently won a contract for supply of a new integrated control and safety system for Qatar Fuel Additives Company (QAFAC).
QAFAC was established as a Qatari joint stock company to operate facilities in Mesaieed, Qatar for production of methanol and methyl tertiary butyl ether (MTBE) - a key gasoline additive that reduces tailpipe emissions.
Leveraging Honeywell's technology, QFAC will be able to refine its business processes, reduce operating costs and improve efficiencies. The integrated control and safety solution will include Honeywell's Experion PKS distributed control system, its Safety Manager and XLS fire detection systems. The upgrades are expected to improve plant automation and increase cyber security, helping QFAC to effectively meet the growing demand for MTBE and clean fuels.
With this upgrade contract, Honeywell will strengthen its business relationship with QAFAC, which is one of the top international producers of methanol and butane derivatives. QAFAC is also planning to commission an $80 million carbon dioxide recovery project annually.
Honeywell is a globally diversified technology and manufacturing company offering a wide range of products and services. These include 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 as well as energy efficient products and solutions for homes, business and transportation.
Honeywell currently has a Zacks Rank #3 (Hold). Better-ranked stocks that are worth a look include Noble Group Limited ( NOBGY ) sporting a Zacks Rank #1(Strong Buy), and Carlisle Companies Incorporated ( CSL ) and ITT Corporation . ( ITT ), both carrying a Zacks Rank #2 (Buy).
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