Honeywell Partners With Princeps On Refining Supply Chain Solutions

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Honeywell Partners With Princeps On Refining Supply Chain Solutions

Honeywell will provide existing Refining and Petrochemical Modeling System (RPMS) customers with access to Princeps’ refining supply chain software covering planning, scheduling, blend and crude optimization in a unique platform.
ATLANTA, December 17, 2020 -- Honeywell (NYSE: HON) has announced today a partnership with Princeps for petroleum refining supply chain solutions. Honeywell’s expertise in oil and gas planning will add Princeps’ petroleum solutions platform to its offerings to provide customers with industry-leading insights in determining the most profitable ways to operate their plants.

Honeywell will replace its refining planning software – Refining and Petrochemical Modeling System (RPMS) – by migrating existing customers to Princeps’ leading refining supply chain software covering planning and scheduling, blend and crude optimization in a unique platform. Princeps’ solutions help customers determine their optimal feed and product mix and facilitate scheduling plant-wide operations to optimize their plant profitability.

“Our oil and gas customers in the energy sector face a number of industry challenges, particularly in planning, crude purchasing and investment strategies,” said Stuart Morstead, vice president and general manager, Honeywell Connected Industrial. “Princeps’ innovative software is a pioneer in the industry and will offer better decision support to help our customers adjust their operations to operate more efficiently.”

As RPMS is replaced, Honeywell will provide existing RPMS customers with a seamless migration path to the Princeps’ software solution along with additional future RPMS enhancement and upgrade opportunities. Customers will be able to evaluate multiple production scenarios, dynamically respond to a volatile market and improve their ability to ensure business continuity. Customers benefit operationally from enterprise-level production planning and scheduling that includes eliminating product downgrades, reducing unplanned blends, lowering demurrage and improving quality.

“We are excited about this partnership with Honeywell to bring our software insights to supply, demand, pricing, product specifications, production, and supply asset capabilities,” said Hamid Chehade, CEO of Princeps. “Together we will bring better insights to downstream customers, such as oil refiners and petrochemicals, to run their operations more efficiently and maximize their margins.”

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About Honeywell
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.

About Princeps
Princeps’ (www.princeps.com) unique combination of industry knowledge and high-level IT and operations research skills has enabled it to pioneer innovation in crucial domains of refinery planning and operations management. Among those, the generation of optimal crude schedules and the deep integration of enterprise-level planning and scheduling which goes well beyond unified process data and models. This gives Princeps’ platform users a decisive competitive edge
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