VCMStudy Honeywel UOP Oleflex Process

UOP Olefins Seminar;
Efficient Monetization of OLEFLEXTM PROCESS

Natural Gas and LPG
The Key to Achieving High Returns for Propane Upgrading
UOP Limited – Kevin Whitehead
December 2016
© 2016 UOP Ltd. A Honeywell Company All rights reserved. UOP 7200-0
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Contents
• Market fundamentals provide an attractive opportunity to upgrade
propane to propylene
• Oleflex Process – the optimum route to produce high value olefins
• Why do customers choose the Oleflex Process?
© 2016 UOP Ltd. A Honeywell Company All rights reserved.
VCMStudy.ir
Propylene Market Remains Very Attractive
World: PG/CG Propylene Supply & Demand
• On a global basis, propylene 200.0
Forecast
100%
markets are healthy
Million Metric Tons

160.0 90%
–Demand growth, 4.5%
Operating Rate
120.0 80%
–Current utilization ~82% 80.0 70%
–Demand growth begins to 40.0 60%
0.0 50%
exceed capacity gains by 2019 10 11 12 13 14 15 16 17 18 19 20 25
Demand (4.0/4.1) Total Capacity (4.1/3.9) Operating Rate

• Steam cracking and refining (% AAGR = 10-15/15-25)
generate the majority of propylene

Source: IHS © 2015 IHS
supply World: PG/CG Propylene Production By Technology

150.0
• Increase in light cracker feedstocks

Forecast
Million Metric Tons

reduces C3= from steam crackers 100.0
• On-purpose technology has

50.0
grown rapidly and now has a
significant share of the market 0.0
(~20%) 10 11 12 13 14 15 16 17 18 19 20
Stm. Crackers Refinery On Purpose
• Natural Gas Liquids offer profitable (% AAGR = 10-15/15-25)

Source: IHS © 2015 IHS
route to on-purpose propylene Source: Independent Analysis
On purpose propylene technologies key to growth

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C3=/C3 Pricing Differential Creates Value

1,600.00 700.00
1,400.00 600.00
1,200.00
500.00
1,000.00
Spread, $/MT
400.00
$/MT
800.00
300.00
600.00
200.00
400.00
200.00 100.00
0.00 0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: IHS
Propane Propylene Price Spread
• Propylene commands an attractive premium over propane

• Consistent financial incentive to upgrade propane
• Cost position of Iran is ideal
C3=/C3 spread remains attractive over time

UOP 7267-3 © 2016 UOP Ltd. A Honeywell Company All rights reserved.
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Create High Value Propylene direct from Propane

with the Oleflex Process
Feedstock Products Uses

H2
Fibers
Propane Propylene
Packaging
High Performance
Plastic
Oleflex Process
Propane Dehydrogenation (PDH)
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C3 Oleflex Complex
C 2-
By-product H2
Propylene
Deethanizer
Oleflex
Process Propylene –
Propane
Splitter
Depropanizer
SHP
C3 LPG
C 4+
UOP 7267-5
C3 Oleflex Process used for 67% of operating PDH units
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Leverage UOP CCR Experience in PDH

Reactor Regeneration
Section Section Catalyst Flow
289 UOP CCR’s in

C Operation Today
C
R
Product Recovery
Section
Rx Effluent
Compressor
Heater Cells Dryer
Cold Box
To Frac
H2 Recycle Section
Fresh
& Recycle
Feed Net
Hydrogen
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Why Customers Choose UOP Oleflex

Lowest Overall Cost of Production
Low feed consumption Lowest MT C3 / MT C3=
Highest carbon efficiency <10% of competitor coke make
2wt% higher hydrocarbon yield
Lowest energy usage <80% of competitor energy use
High efficiency product recovery,
distillation & heat pump design
Less compression
Smaller Investment Required

Lowest number of reactors 4 reactors
Low cost design No O2 plant required, no idle equipment
No large, hot isolation valves
Smallest plot space Minimizes bulks cost
Operates at low positive pressure Lower cost design than vacuum
Efficient continuous regeneration Smaller equipment required
Constant equipment count Best economy of scale
UOP 7368-7 One design gives lowest Capex and Opex

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Why Customers Choose UOP Oleflex (2)

High Reliability / On-stream Availability
Start of Run performance for the
VCMStudy.ir Continuous on-line regeneration
whole operating cycle maintains yield over cycle
Proven regeneration technology 289 CCRs operating
>100 CCRs in design/construction
More days on stream Catalyst can be changed without
shutdown
Smallest Environmental Footprint

Lowest CO2 emissions Lowest energy consumption
Low NOx & VOC emissions Low energy consumption and
efficient low pressure design
Non-toxic catalyst system Pt active metal
UOP 7368-8 Safest & most environmentally friendly technology

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UOP Leads the Way in Dehydrogenation

16,000
Licensed, in Design or Construction
14,000 Operating
12,000
Olefin Capacity, KMTA
16 UOP has been awarded 80%

10,000 Units
(36 of 45) of dehydrogenation
8,000
projects competitively bid
since 2011
6,000
4,000 9
14 Units
Units 3
2,000 7 Units
Units 3
Units
0
C3 Dehydro iC4 Dehydro C3/C4 Dehydro
• 8 repeat customers with two or more units

• 3 customers who already have a competitor iC4 unit selected UOP for
their PDH project
• 2 Oleflex units announced in Europe in 2016
Oleflex Process is a proven investment. UOP is the market leader
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Technology Development Continues

Key Advancements
Key Advancements • Next Gen DeH catalyst
• DeH-14
• Larger Capacity C3= designs
Key Advancements • 400-460 kmta C3= design
• Next Generation CCR
• DeH-8 & DeH-10 • PP Splitter Energy Reduction
• Yield Enhancements
• 165 kmta C3= design • Fired Heater Optimization
• Latest Energy Optimization
• 80/200 kmta C3=/iC4= design • Contact Cooler (C4)
• HPS Automation Package
• Hot Residence Time
• C4 and C3/C4 Design Modernized
Reductions
Key Advancements
PDH/BDH Commercialized • DeH-16
Key Advancements • 510 kmta C3= design
• UOP 1st to Market
• 105 kmta C3= design • DeH-12 • New Reactor Internals
• 425 kmta iC4= design • 250-350 kmta C3= • Online Solvent Wash (C3)
• DeH-6 design • CCR Advancements
• MD Trays for
DeC3/DeC2
1990 - 1995 1996- 2000 2001 - 2005 2006 - 2010 2011 – 2016
Significant R&D investment and Oleflex licensee

interaction will continue to drive future innovation
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C3 Oleflex Profitability – Resilient to Price Volatility

1,600.00 700.00
1,400.00 600.00
1,200.00
500.00
1,000.00
Spread, $/MT
400.00
$/MT
800.00
300.00
600.00
200.00
400.00
200.00 100.00
0.00 0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: IHS
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C3 Oleflex Profitability – Resilient to Price Volatility

1,600.00 700.00
High1,400.00 600.00
1,200.00
500.00
Typical
1,000.00
Spread, $/MT
400.00
$/MT
Low 800.00
300.00
600.00
200.00
400.00
200.00 100.00
0.00 0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: IHS
 Propylene-Propane spread remains attractive even with

volatility in feed and product pricing
 Price spread is forecast to return to levels similar to 2007-14
by 2019
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C3 Oleflex- Profitable and Resilient to Price Volatility

70.0%
60.0%
50.0%
Pre‐Tax ROI
40.0%
30.0%
20.0%
10.0%
0.0%
350 475 600
C3/C3= Spread ($/MT)
Basis: 600 KMTA Oleflex, Propane priced at 630 $/MT, NE Asia Pricing, 100% equity
 Oleflex technology delivers high ROI even when

prices are low
Attractive ROI across range of price spreads

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C3 Oleflex- Profitable and Resilient to Price Volatility

70.0%
60.0%
50.0%
Pre‐Tax ROI
40.0%
30.0%
20.0%
10.0%
0.0%
350 475 600
C3/C3= Spread ($/MT)
Basis: 600 KMTA Oleflex, Propane priced at 630 $/MT, NE Asia Pricing, 100% equity
 Oleflex technology delivers high ROI even when

prices are low
 Cost-advantaged propane provides potential for

even higher return
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Summary
• Market fundamentals support attractive C3 upgrading projects
- Propylene-Propane spread forecast to remain strong
• Oleflex process offers the optimum route from C3 to C3=
- Lowest overall cost of production
- Low capital cost
- High on-stream availability
- Proven technology with 14 operating C3 Oleflex units
- Selected for 36 (80%) of the 45 dehydrogenation units competitively
bid since 2011
• Economics of a PDH complex using the Oleflex Process are
compelling
- Strong return on investment that is resilient to pricing volatility
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VCMStudy Honeywel UOP Oleflex Process

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UOP Olefins Seminar;

Efficient Monetization of OLEFLEXTM PROCESS

• Oleflex Process – the optimum route to produce high value olefins

• Why do customers choose the Oleflex Process?

© 2016 UOP Ltd. A Honeywell Company All rights reserved.

markets are healthy

Million Metric Tons

–Demand growth, 4.5%

–Current utilization ~82% 80.0 70%

–Demand growth begins to 40.0 60%

Demand (4.0/4.1) Total Capacity (4.1/3.9) Operating Rate

generate the majority of propylene

supply World: PG/CG Propylene Production By Technology

• Increase in light cracker feedstocks

Million Metric Tons

• On-purpose technology has

Stm. Crackers Refinery On Purpose

• Natural Gas Liquids offer profitable (% AAGR = 10-15/15-25)

route to on-purpose propylene Source: Independent Analysis

On purpose propylene technologies key to growth

C3=/C3 Pricing Differential Creates Value

Propane Propylene Price Spread

• Propylene commands an attractive premium over propane

C3=/C3 spread remains attractive over time

Create High Value Propylene direct from Propane

Feedstock Products Uses

Leverage UOP CCR Experience in PDH

289 UOP CCR’s in

Why Customers Choose UOP Oleflex

Smaller Investment Required

UOP 7368-7 One design gives lowest Capex and Opex

Why Customers Choose UOP Oleflex (2)

Smallest Environmental Footprint

UOP 7368-8 Safest & most environmentally friendly technology

UOP Leads the Way in Dehydrogenation

16 UOP has been awarded 80%

• 8 repeat customers with two or more units

Technology Development Continues

Significant R&D investment and Oleflex licensee

C3 Oleflex Profitability – Resilient to Price Volatility

Propane Propylene Price Spread

C3 Oleflex Profitability – Resilient to Price Volatility

Propane Propylene Price Spread

 Propylene-Propane spread remains attractive even with

C3 Oleflex- Profitable and Resilient to Price Volatility

 Oleflex technology delivers high ROI even when

Attractive ROI across range of price spreads

C3 Oleflex- Profitable and Resilient to Price Volatility

 Oleflex technology delivers high ROI even when

 Cost-advantaged propane provides potential for

© 2016 UOP Ltd. A Honeywell Company All rights reserved.

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