AspenTech is honored to receive the prestigious Federation of Indian Petroleum Industry (FIPI) 2021 Digital Technology Provider of the Year Award, which recognizes companies for implementing the most cutting-edge digital technologies in the industry.
Launched in 2007, FIPI Oil and Gas Awards were created to recognize leaders, innovators, and pioneers in the oil and gas industry. An industry interface with government and regulatory authorities, members of FIPI includes all major companies operating in the oil and gas sector in India.
This award recognition underscores AspenTech's role in accelerating digitalization initiatives for the process industry during the past four decades. Digitalization fuels automation that leads to new levels of operational excellence, giving businesses the agility needed to exploit new market opportunities, respond rapidly and effectively to challenges. A major focus worldwide today is the dual challenge, which mandates the need to address increasing resources for a growing population with increasing standards of living, while balancing the need to meet sustainability goals. Companies with the ability to balance profitability and sustainability can address the dual challenge more efficiently in the new industry normal.
AspenTech is well positioned to advise both capital-intensive and process companies in their digitalization strategy and investments. For example, digital twins is an evolving digital profile of the historical, current, and future behavior of a physical object or process that helps optimize business performance. When used as an essential tool to optimize business performance, agility, optimal sustainability, profitability, as well as asset optimization - it has the potential to transform businesses with intelligent insights.
In India, AspenTech's customers include Reliance, Indian Oil, Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL).
A landmark BPCL customer case study anchored this win for AspenTech in the downstream sector where they deployed software that accelerates digitalization and sustainability initiatives. The case study showcased how the company adopted a real-time digital twin, based on the use of AspenTech's digital twin and Advanced Process Control (APC) products.
In essence, BPCL Mumbai Refinery deployed Aspen DMC3™ software with a digital twins approach to achieve about $1 million USD savings in utilities annually. The company is the first amongst Indian PSU refineries to implement APC in Amine Regeneration Units (ARU) and integrate digital twin output to APC. With an estimated payback of less than six months, the company could effectively reduce energy usage in changing sulphur content in crude slate, which had originally resulted in sub-optimal amine regeneration.
Aspen DMC3 software enables the adoption of a scalable and sustainable approach via its patented adaptive process control technology. This allows the intelligent plant to respond automatically, achieve real-time agility and maximize performance in a seamless yet robust manner. With the ability to accelerate deployments, process manufacturers can achieve benefits faster, improve ROI, and enhance overall performance.
In this age of sustainable development, it is mission-critical for companies to accelerate digitalization to achieve sustainability goals, and in the process, drive operational excellence.
Abhinav Chowdhary, Country Manager, India and Himanshu Khatri, Sales Account Manager, India, Aspen Technology, received FIPI 2021 Digital Technology Provider of the Year Award - on behalf of the company.
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