MOSCOW (MRC) -- Honeywell has signed a Memorandum of Understanding (MOU) with Vietnam Oil and Gas Group (PetroVietnam) to advance their cooperation in Vietnam’s oil and gas industry, reported Hydrocarbonprocessing.
The MOU was signed during US President Barack Obama’s visit to Vietnam, and in the presence of representatives of the US and Vietnamese governments, as well as executives from the two companies.
The MOU formalizes the deepening relationship between Honeywell and PetroVietnam and further confirms a common vision of developing a strong, cooperative partnership.
"The increasing cooperation between Honeywell and PetroVietnam is critical not only to our two companies, but to our two countries," said Mai Trang Thanh, President of Honeywell Indochina.
Under the terms of the MOU, Honeywell will have the opportunity to provide professional consulting services and advice to PetroVietnam and its subsidiaries for future investment projects, as well as to support PetroVietnam in engineering design and economic and technical project feasibility studies for all of its facilities.
In 1999, Honeywell UOP licensed the CCR Platforming and Penex processes to Petrovietnam’s Dung Quat refinery, for the production of fuels, fuel blending components and aromatics. In 2009, UOP licensed an additional aromatics complex, and alkylation and sulfur removal processes to the Nghi Son refinery.
Honeywell UOP won a major gas project with PetroVietnam in 2012 that included technology to recover natural gas liquids. Last year, Honeywell UOP announced a 250-MMscfd modular gas processing plant for PV Gas in Ca Mau, and a refinery and petrochemical complex for the Nghi Son refinery.
We remind that, as MRC wrote before, Vietnam Polystyrene had expanded the production capacity of its expandable polystyrene (EPS) plant by 50,000 mt/year by end-April 2014. Located in Vietnam, the plant has a production capacity of 40,000 mt/year.