Honeywell Process Solutions, a part of Honeywell International Inc. (NYSE: HON), was recently selected by Canadian integrated energy firm Suncor Energy to automate its Fort Hills Oil Sands project in Alberta. The facility is expected to begin operations in 2017.
As the main automation contractor (NYSE: MAC), Honeywell will offer innovative technology to the facility for control and safety systems management including alarms and advanced simulation software for critical operations. By leveraging Honeywell's technological expertise, Suncor Energy will be able to automate its facility in an efficient manner.
Canadian oil sands have become an important resource to meet the escalating energy demands of the region. As per the Canadian association of petroleum producers, production from the Canadian oil sands is expected to reach five million barrels a day by 2030. Bringing these resources into large-scale production has been one of the landmark achievements of Honeywell.
With an expertise in reducing project risks, facilitating on-time delivery with reliability, Honeywell will help the facility achieve its future productivity and operational efficiency goals.
Honeywell is a global diversified technology and manufacturing company with 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 a look now include CLARCOR Inc (NYSE: CLC), Icahn Enterprises, L.P. (NASDAQ: IEP) and Noble Group Limited (NOBGY), each carrying a Zacks Rank #1 (Strong Buy)
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