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Aspen Technology, the asset optimization software company, recently 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 a 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.
According to AspenTech: IRPC, a leader in the capital-intensive industry, 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.
Keywords: AspenTech, IRPC, Aspen Mtell, Operational Excellence, Refinery, Petrochemical Plants, Industry 4.0, ARC Advisory Group