$20m Petrom-Honeywell deal

US giant Honeywell has recently signed a $20 million deal with the SNP Petrom oil company for the supply of process control equipment for the latter's Arpechim Pitesti refinery, sources close to the deal told Ziarul Financiar. "The contract has already come into force, and deliveries should begin this autumn. The contract duration is of about two years," the quoted sources said. Petrom's equipment purchase is part of an investment programme currently being implemented at Arpechim Pitesti, with credit supplied by the European Bank for Reconstruction and Development. Honeywell, one of the world's largest industrial companies, has been operating on the Romanian market since 1997, when it bought a production facility from Turbomecanica. Inv estments have turned Honeywell's small Bucharest-based factory, producing parts and components for the automotive industry, into one of Romania's top exporters. Honeywell has a $220 million business in Romania, about one percent of group turnover worldwide. ZF