Today.Az » Business » Honeywell sees Azerbaijan as one of main growth drivers for its business
13 March 2019 [10:00] - Today.Az
By Leman Mammadova
The U.S. Honeywell company has already started to work on the project for modernization of the Heydar Aliyev Oil Refinery in Azerbaijan, Frans van Deursen, President of the Honeywell company for Turkey and Central Asia, told Trend.
"We already started to work on the project. Currently we are in the design phase for our systems. At this time, construction contractors are implementing the refinery modernization, including work on the FCC and CCR Platforming units, and adding new Polybed PSA unit for hydrogen purification. They’re also in the process of adding new Penex and Ethermax units," Frans van Deursen said.
He went on to add that Azerbaijan, is an important part of Honeywell’s Turkey and Central Asia High Growth Region – these regions are expected to drive a majority of Honeywell’s growth in the next five years so they are very important to the company’s overall business strategy, and legacy of continued market outperformance.
"We opened our first Caspian region office in Baku in 2005, but have been supplying customers in Azerbaijan for more than four decades. For Azerbaijan, which has high volumes of petroleum and natural gas production and refining, alongside many other rapidly developing industries, the potential productivity and efficiency improvements offered by our technologies and services have become increasingly attractive. This is a very attractive proposition for Azerbaijan, where customers need world class solutions from a supplier they can engage with at a local level," said Frans van Deursen.
He pointed out that in the medium term, Azerbaijan’s economic performance will strengthen, fueled by natural gas exports and a moderate acceleration in domestic demand.
"Non-oil sector growth, which is expected to average 2.7% in the medium term, will benefit from stabilizing oil prices, rising market confidence, a gradual recovery in investment, and improvements in the banking sector. Azerbaijan will continue to be a strategic region for Honeywell in 2019 and beyond."
Earlier, Honeywell has announced that the State Oil Company of Azerbaijan Republic (SOCAR) will use Honeywell UOP’s Pressure Swing Adsorption (PSA) technology to supply high-quality hydrogen as part of the modernization of the Heydar Aliyev Oil Refinery (HAOR).
The modernization of the Heydar Aliyev Baku Oil Refinery will be completed in 2021. When completed, the modernization will enable the refinery to process 7.5 million metric tons per annum of crude oil blended from local sources, including heavier Neft Dashlari and lighter Surakhani and Shirvan crude oils. It will efficiently produce Euro V gasoline and diesel, jet fuel and asphalt.
The cost of modernization of the Heydar Aliyev Oil Refinery is estimated at around $2.2 billion.
The modernization program will help SOCAR to remain among the most advanced refiners in the region, further improving the environment protection and the quality of life in Azerbaijan.
Heydar Aliyev Oil Refinery was established in July 1953 as New Baku Oil Refinery. The combined atmospheric vacuum plant is the major plant at the refinery and has a capacity of 6Mt of crude oil. The refinery was installed with major equipment including ED-AV-6 unit (1976), a catalytic reforming unit (1980), a gradual coking unit (1986), and a catalytic cracker (1993).
Honeywell UOP is a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. Honeywell UOP is part of Honeywell’s Performance Materials and Technologies strategic business group, which also includes Honeywell Process Solutions, a pioneer in automation control, instrumentation and services for the oil and gas, refining, petrochemical, chemical and other industries.
Honeywell 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. Honeywell UOP hydrogen technology will help SOCAR meet growing demand for high-quality transportation fuels.