BEDFORD, Mass. – January 23, 2019 – Aspen Technology, Inc. (NASDAQ:AZPN), the asset optimization™ software company, today announced that Southeast Asia’s integrated petrochemical pioneer, IRPC PLC, has selected Aspen Mtell software for its refinery and petrochemical plants in Rayong Province in Thailand. With the planned deployment of Aspen Mtell asset performance management software, IRPC can improve equipment reliability, mitigate unplanned downtime, achieve operational excellence and increase profitability.
Aspen Mtell is low-touch machine learning software that delivers early, accurate warnings of degradation and impending asset failures. Autonomous agents in the Aspen Mtell software automatically detect patterns in data, while simultaneously prescribing actions to avoid problems or reduce adverse consequences. Aspen Mtell software is part of the aspenONE® Asset Performance Management (APM) software suite that combines machine learning, advanced analytics and process knowledge expertise to maximize performance across the entire asset lifecycle.
IRPC operates a fully integrated petrochemical complex with facilities to support the business such as a deep sea port, tank farm and power plant. IRPC selected Aspen Mtell software to increase plant reliability and reduce maintenance cost. Other factors driving the decision include ease of deployment; accurate, early detection of asset failures; prevention of false alarms; and the ability to scale across the industrial zone. With the deployment of Aspen Mtell software, IRPC is adopting Industry 4.0 predictive and prescriptive maintenance best practices. Built around three elements – Growth, Digital and People, IRPC’s 4.0 strategy is expected to transform the company into a petrochemical leader in digital integration and innovation by 2020.
“IRPC selected Aspen Mtell software to ensure that critical equipment is available on demand, helping the company achieve operational excellence. With increasing market complexity, petrochemical companies will be well-positioned to compete in the global economy by adopting AspenTech’s prescriptive maintenance software,” said Dr. Filipe Soares-Pinto, Senior Vice President, Growth Markets, AspenTech.
AspenTech is a leading software supplier for optimizing asset performance. Our products thrive in complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modeling expertise with big data machine learning. Our purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets faster, safer, longer and greener. Visit AspenTech.com to find out more.
IRPC Public Company Limited (IRPC) operates a fully integrated petrochemical complex with utilities like port, depots and power plant. IRPC supplies the refinery and petrochemical products to fulfill the consumers’ needs and satisfactions in modern days. IRPC aims to grow sustainably while caring for the society, the people and the environment.
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