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HONEYWELL ANNOUNCES JOINT VENTURE WITH CHINA NATIONAL PETROCHEMICAL CORPORATION

 BEIJING, Jan. 14 - Honeywell Inc. (NYSE: HON) and China National Petrochemical Corporation (Sinopec) of the People's Republic of China today announced a joint venture to further develop China's petrochemical industry.
 The joint venture, to be known as Sinopec Honeywell Limited, will sell and distribute Honeywell process control systems to the hydrocarbon processing industry in China and will develop distributed control system technology for that industry.
 The official documents were signed today during a ceremony in the Great Hall of the People by Sheng Huaren, president of Sinopec, and Zhai Qui, president of the Sinopec Supplies and Equipment Corporation, which is within the Sinopec corporate structure. Representing Honeywell were Michael R. Bonsignore, executive vice president and chief operating officer, and Markos I. Tambakeras, president of Honeywell Asia-Pacific.
 The joint venture will be established in the Tianjin Harbour Free Trade Zone in Tianjin, where a facility will be built to assemble, configure and test distributed control systems and house customer training facilities.
 It will also develop supporting units for marketing, project management,
systems engineering and customer service. "Today's announcement demonstrates Honeywell's commitment to the development of China's process industries," Bonsignore said. "The joint venture brings together Honeywell's vast expertise in advanced control technology for process industry and Sinopec's experience and resources in oil and natural gas refining and processing. Our partnership will introduce new levels of production efficiency and customer service to the refining industry in China."
 Bonsignore also said that the Honeywell-Sinopec relationship spans two decades and that about 50 Honeywell control systems already are used in Sinopec facilities. Honeywell's TDC systems are used extensively by the world's top 25 refiners.
 Said Sheng: "The new joint venture marks a new, closer cooperative relationship for our companies and brings together the strengths of each side. It also paves the way for enhanced cooperation in advanced technology. Petrochemicals is one of China's major industries. Its development and modernization opens up bright prospects for the application of advanced DCS systems and provides a basis for increased cooperation.
 "With the rapid development of China's economy and China market expansion, more opportunities for cooperation will arise which will contribute to economic improvement for both countries. We hope for more cooperative ventures in high technology in the future," Sheng said.
 Sinopec and Honeywell leaders said the joint venture will provide the most advanced hardware and software solutions and services to the hydrocarbon processing industry. It will use the expertise of some of China's leading engineers.
 Sinopec is a multi-industrial, trans-regional entity under the leadership of China's State Council. Sinopec is the largest petroleum refiner in China, with 38 refineries and petrochemical, synthetic fiber and chemical fertilizer production facilities.
 Honeywell is the largest supplier of industrial process control systems with more than 6,500 TDC systems installed worldwide. Honeywell is a global controls company that provides products, systems and services for homes and buildings, industry, and aviation and space. The company employs 58,000 people worldwide and has annual sales of more than $6 billion.
 -0- 1/14/93
 /CONTACT: Kevin Whalen of Honeywell Inc. 612-951-0070/
 (HON)


CO: Honeywell Inc.; China National Petrochemical Corporation ST: Minnesota IN: CPR SU: JVN

DS -- MN005 -- 4743 01/14/93 09:44 EST
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Date:Jan 14, 1993
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