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Honeywell (HON) to Support Major Expansion at Nigeria’s Dangote Refinery by 2028

Honeywell International Inc. (NASDAQ:HON) is one of the best industrial stocks to buy. On November 25, Honeywell revealed that Dangote Petroleum Refinery and Petrochemicals FZE will rely on its cutting-edge technology, services, catalysts, and equipment to increase crude processing capabilities and double production at its Lekki refinery in Nigeria by 2028.

Dangote will utilize the refining and petrochemical processing solutions by Honeywell, which will trim production costs, enhance efficiency, and expand the refining capacity to 1.4 million barrels every day from 650,000 in the coming three years. This expansion will make Dangote the biggest petroleum refinery worldwide, which will boost fuel production within the continent and lower imports, thus providing energy reliability to locals.

Pixabay/Public Domain

Dangote will also get access to Honeywell’s Oleflex technology, which will result in an annual production of 750,000 metric tons of propylene. With this license in place, Dangote’s total propylene production will rise to 2.4 million metric tons per year.

In another corporate update on November 24, Honeywell International Inc. (NASDAQ:HON) disclosed that it is partnering with Ramsey County, Minnesota, to install building automation and energy management systems in 10 ice rinks and the county’s Parks and Recreation office. The project has a goal to reduce yearly electricity expense by around 20%, trim operational costs, and enhance system resilience. It also supports Ramsey County’s 2024 Climate Equity Action Plan, which focuses on reduced energy use and 100% carbon-free energy in county facilities. The installation is expected to conclude by year-end.

Honeywell International Inc. (NASDAQ:HON), based in Charlotte, North Carolina, is a global company working in aerospace, industrial and building automation, and energy and sustainability systems.

While we acknowledge the risk and potential of HON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HON and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: Dow 20 Stocks List: Ranked By Hedge Fund Bullishness Index and 10 Unstoppable Dividend Stocks to Buy Now.

Disclosure. None.

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