Chemopetrol Increases Ethylene Production Capacity with AspenTech Manufacturing Solution
Improved Process Control Helps Leading Eastern European Petrochemical Company Realize Greater-Than-Expected BenefitsAspen Technology, Inc., (Nasdaq: AZPN) today announced it has enabled Chemopetrol, a leading petrochemical company in Eastern Europe, to realize significant economic benefits from the implementation of a production optimization solution. Just six months after completion of the project, Chemopetrol has already increased its ethylene production by 2.5 percent, resulting in a significant increase in revenues for the company.
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Chemopetrol implemented the solution at its plant in Litvinov, which is part of the Czech Republic, to meet increasing customer demand for ethylene products. Advanced process control and information management technology from AspenTech enabled Chemopetrol to operate the plant closer to its optimum conditions, resulting in increased output, as well as safer operations. The implementation has also reduced the burden on the operators of routine monitoring of plant constraints and changes of plant feed targets, allowing them to focus on higher-level plant operation activities.
The project focused on improving processes on the olefins unit, thereby optimizing the front-end process train, including the furnaces and compressor area. Key benefits for Chemopetrol include optimum utilization of its existing manufacturing assets and a better ability to make more profitable operating decisions. AspenTech's technology will also support Chemopetrol's plans to gain increased returns in the future as it expands its plant operations to include polymer production.
"This project is part of Chemopetrol's continued strategy to improve plant efficiency and, through increased production, enhance its position in a very competitive Eastern European marketplace," explains Vladimir Zemanek, Investment Director of Chemopetrol. "AspenTech's expertise in state-of-the-art solutions for ethylene units was key when we chose a supplier, and the immediate improvement in plant performance has made us less dependent on expensive feedstock purchases for our downstream production units."
"Production optimization technology can generate significant value for chemical manufacturers through increased throughput and improved responsiveness," says Larry Evans, Chairman and CEO of AspenTech. "The substantial increase in production capacity achieved by Chemopetrol demonstrates the outstanding return on investment that is possible by applying AspenTech's manufacturing solutions."
Chemopetrol is the biggest petrochemical company in the Czech Republic, and is a key supplier of ethylene, propylene, polyethylene, polypropylene, benzene, ammonia, urea, and other products. More than half of the production is directed to the Czech market, with approximately 40 percent exported to other European countries, especially Germany, Italy, Poland and Slovakia. The company is situated in northwest Bohemia, and provides employment to nearly 3000 employees. Among the company's highest priorities is its care for personnel safety and for the environment. Chemopetrol is a wholly owned subsidiary of the refinery-petrochemical holding Unipetrol, which is the second biggest company in the Czech Republic in terms of sales and a leading Czech exporter.
Aspen Technology, Inc. is a leading supplier of integrated software and solutions to the process industries. The company's Aspen ProfitAdvantage(TM) solution enables companies to identify and maximize profit opportunities throughout their entire value chain -- from the supply of raw materials, through the production of goods, to the delivery of final products to customers. The Aspen ProfitAdvantage solution encompasses engineering, manufacturing, supply chain and e-business collaboration technologies, providing the tools that enable manufacturers to design, optimize and execute business processes in real time. Over 1,200 leading process companies already rely on AspenTech's 21 years of process industry experience to increase revenues, reduce costs and improve capital efficiency. AspenTech's customers include: Air Liquide, AstraZeneca, Bayer, BASF, BP, Chevron, Dow Chemical, DuPont, ExxonMobil, GlaxoSmithKline, Lyondell Equistar, Merck, Mitsubishi Chemical, and Unilever. For more information, visit www.aspentech.com.
Certain paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; AspenTech's need to hire additional qualified personnel and its dependence on key current employees; intense competition; AspenTech's dependence on systems integrators and other strategic partners; changes in the market for e-business solutions for AspenTech's customers; increased governmental regulation and taxation of e-commerce and the Internet; information security and privacy concerns relating to e-commerce; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release.
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