Joint effort following China's Belt and Road initiative will help gas-rich countries produce ethylene and propylene at lower costs
SHANGHAI, May 26, 2017 /PRNewswire/ -- Wison Engineering Services Co. Ltd. ("Wison Engineering", or the "Company", SEHK stock code: 2236), announced today that its non-wholly owned affiliated company, Wison Engineering Ltd. ("Wison Engineering"), has signed a collaboration agreement on international methanol to olefins (MTO) projects with Honeywell (NYSE: HON) UOP to jointly provide MTO technologies and engineering, procurement and construction (EPC) services for customers outside of China.
The agreement combines Wison's own proprietary olefin separation technology and strong EPC service capability with Honeywell UOP's advanced process technologies, allowing both parties to help overseas customers further improve olefin production capacity while reducing energy consumption and production costs.
Leveraging on its engineering expertise, Wison Engineering has successfully developed its own proprietary olefin separation technology which encompasses a core technology of "pre-cutting + oil absorption". This technology has been applied to the coal to olefin plants in ten projects of various scales in China and four of them have successfully commenced operation. The technology achieved the highest recovery rate in commercialized use in 2016, reaching top standards in the industry globally.
As one of the leading chemical EPC service providers in China, Wison Engineering is developing opportunities for the MTO technology, particularly in countries included in China's Belt and Road Initiative, covering the historic trading route that stretches from China, through central Asia to Western Europe.
"The Belt and Road initiative promises to raise the level of connectivity, cooperation and trade between dozens of nations that have traded with China for thousands of years," said Rebecca Liebert, president and CEO of Honeywell UOP. "Honeywell is working with China's leading enterprises to bring economic development to these countries through its broad clean energy and chemicals technologies."
"We are glad to work with Honeywell UOP to bring the Advanced MTO technology of both parties to customers in countries that traditionally have traded with China for centuries," said Li Yansheng, Chief Engineer of Wison Engineering. "MTO is an innovative technology that enables coal- and gas-rich regions in Russia, Central Asia, the Middle East, Southeast Asia, and as far as Europe and Africa, to make plastics from their own coal and natural gas."
About Wison Engineering (www.wison.com)
Wison Engineering ("the Company", SEHK Stock Code: 2236) is one of the leading chemical engineering, procurement and construction ("EPC") management service providers in China. The Company specializes in serving the energy sectorsincludingpetrochemicals, coal chemicals, oil refining and fine chemicals. From technology licensing, project planning and consultation to PDP, FEED, engineering design, procurement and construction management, as well as start-up and operational services, the Company provides diversified services and one-stop solutions to clients worldwide.
