HONEYWELL AND ARAMCO SIGN MOU TO EXPLORE COMMERCIALIZATION OF DIGITAL OPERATIONS MANAGEMENT SOLUTION FOR INDUSTRY
- Proposed joint venture has the potential to create hundreds of jobs within Saudi Arabia and highlights commitment to Saudi Vision 2030
DHAHRAN, Saudi Arabia, September 9, 2021 – Honeywell (NASDAQ: HON) and Aramco have signed a Memorandum of Understanding (MoU) to explore the co-development and commercialization of next-generation digital technology solutions designed to help improve productivity, sustainability and operational excellence of industrial companies, on a global scale.
The fully digital technology will leverage Aramco’s Plant.Digital system and its technical and domain knowledge in end-to-end plant operations, combined with Honeywell’s global software development and commercialization expertise. It will be brought to market through a joint venture (JV) between the two companies that will also serve as a software system integrator to reduce time-to-value for customers.
The digitalized Plant.Digital suite will provide industrial companies with the tools, processes and practices they need to run plant operations more effectively and will accelerate sustainable digital transformation and operational excellence initiatives across industries. This dynamic entity will emphasize on the development and deployment of Operations Technology (OT) solutions and Digital Transformation consulting.
The proposed JV is expected to create more than 500 jobs in Saudi Arabia within five years of its launch, supporting the country’s In-Kingdom Total Value Add (IKTVA) Program, designed to boost Saudi economic and workforce development.
“Aramco continues to pursue its Digital Transformation Program as part of its evolution to become the world's leading digitalized energy corporation,” said Nabil Al Nuaim, Chief Digital Officer at Aramco. “We aim to expand this expertise into industrial sectors worldwide as we spearhead digital innovation in the energy sector globally. This partnership will boost locally developed content, contribute to GDP growth, create new jobs, expand the Kingdom’s digital industrial ecosystem, accelerate digital talent development and sustain Aramco’s resilience.”
The proposed JV will provide digital solutions and services to allow industrial companies to integrate business and manufacturing data from across the full breadth of plant operations to help maximize yield, reduce downtime and improve plant productivity and sustainability. The digital solutions will combine world-class business processes and plant optimization applications through a state-of-the-art integration and visualization architecture.
“For more than 60 years, Honeywell and Aramco have partnered to drive Saudi Arabia’s industrial leadership forward through technology and innovation, and this MoU is the latest milestone in our journey,” said Que Dallara, president and CEO, Honeywell Connected Enterprise. “The powerful combination of Aramco’s business, operations, technology and Plant.Digital system delivery expertise, coupled with Honeywell’s proven experience in industrial software and big data analytics solutions, will unlock tremendous value for industry.”
The collaboration highlights the commitment of Aramco and Honeywell to Saudi Vision 2030 – the national roadmap to transform the Kingdom into an industrial powerhouse and a global logistics hub. The vision’s focus is on developing high-tech and knowledge-based careers that add significant value to the Saudi economy to compete globally.
Honeywell has been present in the Kingdom of Saudi Arabia for more than six decades. The relationship between Aramco and Honeywell has continued to grow since Aramco purchased its first Honeywell product in 1948. The two organizations have achieved several significant milestones, such as the installation of Honeywell's first distributed control systems at Aramco's Safaniyah facility in the early 1980s and the opening of an integrated technical center in the Dhahran Techno Valley in 2012. Today’s announcement builds on an MoU signed between Honeywell and Aramco in 2017 to explore benefits of Honeywell's Industrial Internet of Things offering, in support of Saudi Vision 2030.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, 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/newsroom.
Any descriptions of future product direction, intended updates or new or improved features or functions included herein are intended for informational purposes only and are not binding commitments on either party and the sale, development, release or timing of any such products, updates, features or functions is at our sole discretion.
Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world. www.aramco.com