Tokyo, Japan - September 3rd, 2018
Yokogawa Electric Corporation (TOKYO: 6841) today announced that it has entered into a strategic agreement with Chevron U.S.A. Inc. to resell PETRO, Chevron's proprietary petroleum supply chain planning software. The application supports decision-making regarding feedstock selection, operations parameters, and product mix optimization, as well as future scenario analysis, at a multi-plant level. Yokogawa's wholly-owned subsidiary, KBC, will manage the PETRO business with Chevron.
KBC is a world leader in process simulation and optimization, as well as supply chain scheduling, and will make the PETRO planning application available as part of its supply chain optimization portfolio. It is anticipated that this combination of the simulation, planning and scheduling technologies will enable oil refiners and petrochemical producers to take a rigorous, holistic approach to managing their process operations - from feedstock receipt through processing and blending to quality control and outbound logistics as well as utilities and environmental aspects.
PETRO has an over 30-year development history at Chevron, and has been implemented throughout the company's global operations for key operational decision-making. "We attribute over $40 million per year in benefits from our use of PETRO in a typical refinery," explains Walt Szopiak, vice president of Downstream Technology & Services at Chevron Energy Technology Company. "This agreement with Yokogawa is consistent with our on-going commitment to further evolve and refine this vital application."
Recognizing that customer issues are requiring more complex, customized, organization-wide solutions, in 2017 Yokogawa introduced its industrial automation business concept, Synaptic Business Automation, which creates sustainable value by connecting everything in customers' organizations. Supply chain optimization is one key area where Yokogawa is integrating its business and domain knowledge with digital automation technologies, and co-innovating with customers to drive their business process transformation.
Satoru Kurosu, Yokogawa executive vice president and head of the Premium Solutions and Service Business Headquarters comments, "As a main automation contractor, Yokogawa has had a trusting and mutually beneficial relationship with Chevron over many years. We are proud to announce this agreement today because this major addition to the KBC portfolio will now enable customers in the energy and chemical industries to take advantage of sophisticated, end-to-end supply chain optimization solutions."
PETRO is available for re-sale from KBC immediately; interested parties should contact KBC directly or channel enquiries through their local Yokogawa office.
About Chevron Energy Technology Company
Chevron Energy Technology Company, a division of Chevron USA Inc., develops and manages technology to help find and produce new oil and gas reserves, enhance recovery in existing fields, and optimize productivity of downstream assets.
About Chevron Corporation
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California. For more information, visit www.chevron.com.
About KBC
KBC, a wholly-owned subsidiary of Yokogawa Electric Corporation, is all about excellence in the Energy and Chemical industry. We make excellence real for our customers through the actions of our people fused with our technology and best practices. We provide leading software and expert services, powered by the cloud, to assure process operations achieve their full potential. Our customers achieve operating performance that surpasses ordinary standards, now and into the future. For more information, please visit www.kbc.global.
About Yokogawa
Founded in 1915, Yokogawa engages in broad-ranging activities in the areas of measurement, control, and information. The industrial automation business provides vital products, services, and solutions to a diverse range of process industries including oil, chemicals, natural gas, power, iron and steel, and pulp and paper. With the life innovation business the company aims to radically improve productivity across the pharmaceutical and food industry value chains. The test & measurement, aviation, and other businesses continue to provide essential instruments and equipment with industry-leading precision and reliability. Yokogawa co-innovates with its customers through a global network of 113 companies spanning 61 countries, generating US$3.8 billion in sales in FY2017. For more information, please visit www.yokogawa.com.
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