SHANGHAI, Nov. 24, 2015 /PRNewswire/ -- Chinese
refiners are looking to get more product out of every barrel of oil
– especially the hard-to-refine "bottom of the barrel" residue –
over the next decade, according to a comprehensive survey of both
state-owned and independent Chinese refiners. The survey was
conducted on behalf of Honeywell UOP (NYSE: HON), which is a
recognized leader in refining technology.
The industry survey of managers and technical engineers was
conducted by Chem1, a Beijing-based firm specializing in providing
consulting services to the refining and petrochemical industries.
The survey found that interest in upgrading technology is driven by
a refiner's need to better process heavy crude oil and get more
useable, high-value products such as transportation fuel from every
barrel.
"China is the world's largest
importer of crude oil. Getting more useable products from each
barrel is critical to their operations, especially as they seek to
take advantage of low-priced heavy crude, which is significantly
harder to refine," said Zhiming
Huang, general manager of Honeywell UOP in China. "Coupling that challenge with
increasingly stringent fuel and emission standards, Chinese
refineries are hungry for a breakthrough technology to enable more
profitable operations by finding more 'gold' in the bottom of every
barrel."
Among the survey findings:
- Each of the 150 respondents said residue upgrading technologies
are of "great importance" to their current business and that
upgrading crude residue will remain a top priority in the next
decade.
- Respondents expect profitability to increase significantly
after upgrading to residue processing technology.
- Of those surveyed, 83 percent said the need to upgrade heavy
crude oil and improve conversion of light oil was a driving factor
in their interest in upgrading technology.
- Respondents were asked which products they prefer to
manufacture in higher quantities. One-hundred percent of
respondents chose gasoline and diesel, which help improve the
profitability and level-up cost pressure of the enterprise.
- The majority of respondents believe hydrotreating and
hydrocracking are the best technology routes to process crude
residue at Chinese refineries. Most also said they were not
optimistic about the future prospects of traditional delayed coking
processes due to their lower light oil yield, high output of
lower-value coke and overall lower economic benefits.
Honeywell UOP is a leader in process technology, catalysts,
adsorbents, equipment and services to the petroleum refining,
petrochemical and gas processing industries, and its technology is
used extensively in China.
Honeywell UOP offers a range of upgrading technologies, including
the UOP RCD Unionfining™ process and the Resid FCC process. In
2008, the company introduced its newest bottom-of-the-barrel
residue upgrading technology, UOP Uniflex™ technology, which can
convert more than 90 percent of the bottom of the barrel to
high-value transportation fuels.
Chem1 interviewed more than 150 managers and technical engineers
from 50 Chinese refineries, including state-owned PetroChina,
Sinopec, CNOOC, as well as key players in the private sector.
Honeywell Performance Materials and Technologies (PMT) is a
global leader in developing advanced materials, oil and gas
processing technologies and industrial automation solutions. PMT's
Advanced Materials businesses manufacture a variety of
high-performance products, including environmentally friendlier
refrigerants and materials used to manufacture products such as
bullet-resistant armor, nylon, computer chips and pharmaceutical
packaging. Process technologies and equipment from PMT's UOP
business (www.uop.com) are the foundation for the world's oil and
gas industry, efficiently producing gasoline, diesel, jet fuel,
petrochemicals, natural gas and renewable fuels. PMT's Process
Solutions business (www.honeywellprocess.com) is a pioneer in
automation control, instrumentation and services for the oil and
gas, refining, pulp and paper, industrial power generation,
chemicals and petrochemicals, biofuels, life sciences, and metals,
minerals and mining industries.
Honeywell (www.honeywell.com) is a Fortune 100 diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes, and industry; turbochargers; and
performance materials. For more news and information on
Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
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SOURCE Honeywell