Honeywell's UOP Technology Selected by UAE's Petrixo
UOP LLC, a subsidiary of Honeywell International Inc (HON), recently announced that its green fuels process technology has been selected by Petrixo Oil & Gas - a part of Petrixo Group in United Arab Emirates (UAE), to process approximately 500,000 metric tons of renewable feedstocks annually into renewable jet fuel and renewable diesel.
Renewable jet fuel and renewable diesel, also known as Honeywell Green Jet Fuel and Honeywell Green Diesel, will be used for a new refinery to be built in Fujairah, UAE. Earlier in 2014, Petrixo announced its decision to invest $800 million to build the new refinery, which will have a design capacity of 1 million tons of biofuel products annually – the largest commercial jet fuel production outside North America. Honeywell Green Diesel offers high energy density and superior performance over biodiesel and petroleum-based diesel, including a higher cetane value. The green fuel technologies are one of the best refining solutions that produce high-quality products and are well suited for scalable, environmental and renewable solutions.
Also, the company commercialized the UOP Renewable Jet Fuel Process to produce renewable jet fuel for the U.S. military. The jet fuel produced can be blended flawlessly with petroleum-based fuel with no changes to aircraft technology, maintaining the critical specifications for flight.
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). Other stocks that look promising and are worth reckoning include Noble Group Limited (NOBGY), carrying a Zacks Rank #1 (Strong Buy), along with United Technologies Corp. (UTX) and ITT Corporation (ITT), carrying a Zacks Rank #2 (Buy) each.
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