Sinopec - Honeywell (Tianjin) Limited

MIGA extended coverage totaling $990,000 to Honeywell, Inc, of the United States, one of the global leaders in the manufacturing and sale of building, industrial, and aviation control systems, for its $2.2 million equity investment in a joint venture in China. The project enterprise, Sinopec-Honeywell (Tianjin), Ltd. (SHL), will be 55 percent owned by Honeywell and 45 percent by the Chinese government-owned Sinopec Group. SHL will sell, install, and support process management and control systems designed to improve plant productivity and the efficiency of industrial facilities in China, especially in the oil and petrochemical industries.

The project is expected to create approximately 84 permanent local jobs in addition to the 44 jobs that will be created in the construction phase. SHL staff will receive training at Honeywell's training facilities in Phoenix, Arizona. The project enterprise will also help to provide housing and schooling for its staff and their dependents. MIGA covers Honeywell's investment against the risks of expropriation and war and civil disturbance.