LG Chem Saves $4M Annually Using AspenTech’s aspenONE® Advanced Process Control Solution
Share Article AspenTech Software and Services Implementation Also Helps Korea’s Largest Chemical Company Achieve Operational Excellence Goals
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Aspen Technology, Inc. (OTC: AZPN.PK) today announced that LG Chem's deployment of aspenONE Advanced Process Control has resulted in $4 million of annual operational savings, while also helping the chemical company achieve its operational excellence goals.
- In a single plant - the Daesan ethylene facility - the AspenTech Services team's implementation of aspenONE APC delivered a 2 percent increase in ethylene and propylene production, and reduced total NCC energy consumption 1.5 percent while meeting plant constraints.
- LG Chem also realized operational excellence goals with reduced loss of ethylene and propylene, and more stabilized operations compared to previous issues of frequent flooding and product off-specifications.
- As a result of the initial project's success, AspenTech is implementing a Real Time Optimization (RTO) project to further improve operational excellence at LG Chem.
Supporting Quotes:
Mr. CS Chung, Vice President of LG Chem, Ltd
"AspenTech helped us successfully implement aspenONE APC and achieve our operational excellence goals within a limited budget and timeline. We achieved savings of approximately $4 million US annually through better throughput, energy savings and yield improvement."
IJ Park, Country Manager, AspenTech Korea
"LG Chem's selection of AspenTech reinforces our relationship as a trusted technology partner. The completion of this project is a major milestone, but it represents just the beginning of the type of results LG Chem will realize."
Henry Lau, Senior Vice President & Managing Director for APAC, AspenTech
"We are very proud that LG Chem was able to achieve a return on investment within their desired timeframe. This is a strong demonstration of AspenTech's superior technology and know-how, as well as outstanding project execution by our experienced professional services team. I am confident that the close collaboration between AspenTech and LG Chem project and senior management teams will result in additional successful projects that deliver value and impact to LG Chem’s bottom line."
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About LG Chem
LG Chem is Korea's first and largest vertically integrated chemical company. Founded in 1947, LG Chem has emerged as Korea's #1 chemical maker over the past six decades by consistently innovating to deliver the petrochemicals and information and electronic materials that improve the quality of life for people everywhere. To find more information on LG Chem, visit www.lgchem.com.
About AspenTech
AspenTech is a leading supplier of software that optimizes process manufacturing – for energy, chemicals, pharmaceuticals, engineering and construction, and other industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement best practices for optimizing their engineering, manufacturing and supply chain operations. As a result, AspenTech customers are better able to increase capacity, improve margins, reduce costs and become more energy efficient. To see how the world's leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com.
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