AspenTech is yet again, very honored to receive the prestigious Federation of Indian Petroleum Industry (FIPI) Digital Technology Provider of the Year Award, which recognizes companies implementing the most cutting-edge digital technologies in the industry. This is the second consecutive year AspenTech has been recognized for staying at innovation’s edge.
This year, co-innovation strategies are the hallmark of the day. To reach the sustainability goals that have been set out globally, innovation must reach across the entire value chain to include new collaboration and co-innovation strategies. Collaboration between digital solution providers and industry is an established part of the business but companies are increasingly building out partner ecosystems to accelerate projects around the world. They are also co-innovating with a new generation of energy companies, as they develop new pathways to a sustainable future.
Three examples of AspenTech’s co-innovation efforts in India include:
- Bharat Petroleum Corporation Limited. BPCL is working with AspenTech to advance its sustainability initiative with an objective of creating a faster, greener feedstock selection process. AspenTech’s process simulation and optimization expertise has been integrated with BPCL’s real-time crude assaying platform to achieve greater agility and more accurate decision-making in feedstock selection, monitoring, and optimization of crude distillation units’ performance. The collaboration is part of BPCL’s commitment to achieve net zero emissions by 2040.
- Numaligarh Refinery Limited. NRL is working with AspenTech to deploy software solutions to sustain optimal plant performance, as well as make faster and more accurate decisions.
- Birla Carbon, a leading sustainable manufacturer and supplier of carbon black additives, is working with AspenTech to unlock business value by scaling the deployment of our software across nine sites globally to capitalize on industrial data across the enterprise. The collaboration enables the company to better achieve safety, efficiency and sustainability goals. By capitalizing on industrial data, the company has gained enterprise visibility via an integrated approach to manage Industrial AI applications.
With the dual challenge, energy transition and net zero goals galvanizing the world forward, a perspective from my colleague, Dr. Vikas Dhole is enlightening. In an article appearing in Indian Chemical News entitled Carbon capture is high on the global agenda, Vikas said, “[For example,] it is possible to achieve 30% of a company’s net zero goal by investing in both OPEX and CAPEX through energy efficiency. Similar electrification can provide an additional 10 – 15% and in some cases, with the latest technology, upside up to 45% can be achieved. In terms of CAPEX, the next set of strategic technologies lies in the introduction of bio-feedstocks; carbon capture, utilization and storage (CCUS); green hydrogen and fundamental process improvements, which can help in achieving another 50%.” Vikas also added that “… the observable investment pattern lies in achieving the basic energy efficiency returns before turning to strategic investments to achieve net zero targets.”
With this perspective and the co-innovation examples powering the recognition by FIPI, we look forward to continued collaboration with customers to change the playing field for the industry in India and throughout the world.