Honeywell Expansion to Help Drive Growth of Angolan Oil and Gas Industry
JOHANNESBURG, Oct. 31, 2006 - Honeywell (NYSE:HON) announced today it is expanding its presence in Southern Africa with the opening of a new office in Angola as part of its strategy to drive growth and provide strong process automation solutions to the oil and gas industry in the resource-rich region.
The company has appointed Castodio dos Santos as country business leader and sales manager for its Angolan operations. Santos, an Angolan national, will drive day-to-day operations and grow new and organic business within the country. This appointment bolsters Honeywell's long term commitment to help drive production within one of world's most important oil and gas producing countries.
Angola produces 0.8 million barrels of oil per day and 1.2 trillion cubic feet of gas per year, but still has a vast number untapped oil and gas reserves. The country has the potential to increase its oil production capacity to 1.5 million barrels per day and its gas production to 4.0 trillion cubic feet per year by 2010.
"The establishment of a formal presence in Angola is a logical progression in our growth strategy for the Southern African region," said Jason Whitehead, general manager of Honeywell Process Solutions Southern Africa. "The Angolan oil and gas industry has great potential, and Honeywell's global capabilities and technological expertise, combined with our unique local knowledge, will be fundamental to the success of our operation."
A key business objective of Honeywell's is to enhance its service capabilities by rolling out a localization strategy nationally and utilizing local expertise to deliver consistent, reliable services and support to its customers.
"We can deliver a consistent, reliable and first-class service to the Angolan oil and gas industry over the long term - this new expansion will give us the platform to reinforce our relationship with clients and grow our business in Angola for years to come," said Whitehead.
Honeywell International is a $30 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. For additional information, please visit www.honeywell.com.
Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Process Solutions, access www.honeywell.com/ps.
