UOP LLC, a Honeywell company, marked 100 years of innovation and leadership in the oil and gas industry yesterday. The company celebrated its centennial by helping to ring the closing bell at the New York Stock Exchange.
UOP was founded in Chicago on 17 June 1914, created to commercialise the first conversion technology for upgrading crude oil, resulting in a four-fold increase in the amount of gasoline that could be derived from crude oil.
Today, UOP remains a leading provider of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. 31 of the 36 refining technologies in use worldwide employ UOP technologies. With more than 3000 active patents, UOP created the processes that make more than 60% of the world’s gasoline, 67% of its paraxylene (a key building block for plastic resins, films and fibers), and nearly 90% of its biogradable detergents – and that treat 40% of the world’s LNG so it can be safely transported.
Rajeev Gautam, president and CEO of UOP, said: “UOP has been and continues to be a driving force of innovation for the global petroleum and natural gas industries. Our partnership with the world’s oil and gas companies has led to the development and commercialisation of the technologies that have enabled our modern way of living”.
Honeywell completed the acquisition of the 50% interest in UOP LLC owned by Union Carbide Corporation on 1 December 2005, giving them full ownership. Since then, Honeywell has invested significantly in UOP, establishing engineering centres in Kuala Lumpur, Malaysia and Gurgaon, India, and opening the Honeywell India Technology Center.
In 2003, UOP was recognised by George W. Bush with the National Medal of Technology and Innovation for ‘sustained technical leadership and innovation for the petroleum refining and petrochemical industries; and for the invention and commercialisation of adsorbents, catalysts, process plants, and process technology’.
Also celebrating its centennial this year is Honeywell Aerospace. The Aerospace business unit develops and integrates technologies that span air traffic modernisation, flight and runway safety, engines, cockpit and cabin electronics, connectivity, logistics and more that deliver safe, efficient, productive and comfortable transportation-related experiences.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/18062014/honeywell_uop_centennial_733/