Honeywell And Saudi Aramco Advance Digitization Of Oil And Gas Industry With New Agreement
May 23, 2017
- New MOU signed to explore benefits of Honeywell's Industrial Internet of Things offering in Saudi Arabia
- Agreement cements Honeywell's commitment to supporting the country's economic diversification efforts in line with Vision 2030
Riyadh, SAUDI ARABIA - May 20, 2017: Honeywell (NYSE:HON) and Saudi Aramco today announced they have signed a memorandum of understanding (MOU) that advances their long-standing cooperation, further supports the development and diversification of Saudi Arabia's oil and gas sector, and accelerates the benefits of the Industrial Internet of Things (IIoT) within Saudi Aramco's operations. The companies will work together to increase throughput, raise yield, and improve reliability of Saudi Aramco's operations by leveraging Honeywell's cloud-based services and predictive analytics solutions.
The agreement was signed in Riyadh by Honeywell President and CEO Darius Adamczyk and Saudi Aramco President and CEO Amin H. Nasser during a series of meetings where the companies discussed the opportunities and benefits of leveraging Honeywell Connected Plant (HCP).
HCP combines Honeywell's unmatched industrial expertise, software, and cloud technologies to enable its customers' operations to be more reliable, profitable, and secure than ever before. As Saudi Arabia continues to diversify its industries in line with Vision 2030, the introduction of IIoT technologies such as HCP and other connected process technologies from Honeywell UOP is playing a critical role in this transformation.
The new agreement will allow Saudi Aramco to enhance operational performance across its network of facilities while presenting significant opportunities for Honeywell to advance the adoption of the latest software industrial solutions.
“Saudi Aramco's strategic objective is to collaborate with partners who are technology leaders and add strategic value to our company, sector, and the country as a whole,” said Mr. Nasser. “Having worked closely with Honeywell for the past six decades, we have established a unique professional relationship based on mutual trust, common goals, and shared commitment to our industries &endash; a reflection of the strong relationship between Saudi Arabia and the United States. This agreement represents a new platform to further enhance these efforts, and I look forward to this exciting chapter as we continue to leverage decades of global and regional experience in the sector.”
“We have always enjoyed a strong relationship between our two companies, working closely together to build, develop, and diversify Saudi Arabia's oil and gas sector,” said Mr. Adamczyk. “This agreement represents a significant milestone toward connecting the processes, assets, and people to drive optimal performance for Saudi Aramco.” The relationship between Saudi Aramco and Honeywell has developed ever since Saudi Aramco purchased its first Honeywell product in 1948. Since then, the two organizations have achieved a number of significant milestones such as the installation of Honeywell's first distributed control systems at Saudi Aramco's Safaniyah facility in the early 1980s and the opening of an integrated technical center in the Dhahran Techno Valley in 2012. Honeywell (www.honeywell.com/us/en) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/us/en/news.