Invensys inks licensing pact with SK innovation for optimisation software

Global technology company, Invensys, has rendered a multi-year, multi-million dollar corporate license to SK innovation. As per the agreement, SK innovation, including its subsidiaries, will use Invensys’ SimSciROMeo software to optimise and improve the performance of its refining and petrochemical operations in real time.
 
SK Energy, one of SK Innovation’s subsidiaries, is Korea's largest oil refiner with a capacity for 1.1 million barrels-per-day of crude distillation and operating approximately 4,200 service stations across the country. Additionally, SK Global Chemical, another of SK Innovation’s subsidiaries, produces 5.5 million tonnes of petrochemical and polyolefin products each year and is capable of producing 8,60,000 tonnes of ethylene per year.
 
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An integrated online and offline optimisation solution for the refining, petrochemical and gas processing industries, SimSciROMeo optimisation software handles equipment monitoring, utilities optimisation and material balance in open- or closed-loop mode.
 
“ROMeo software allows our customers to build upon and unite existing automation and IT systems with technology applications from Invensys, our ecosystem partners and other third-party providers so they function as one, holistic, real-time business optimization solution. This agreement allows us to help SK innovation achieve real-time operational excellence, as well as create more value and contribute to the wellbeing of their customers and other stakeholders,” said Ravi Gopinath, President of Invensys’ Software Business.