Honeywell Inc. and China National Petrochemical Corp. (Sinopec) todayannounced a strategic alliance to improve China's energy operations with advanced computer control systems.

The five-year agreement, which may bring Honeywell's revenue from Sinopec to $150 million, was scheduled to be signed later today in the Great Hall of People in Beijing and builds on an existing Honeywell-Sinopec joint venture. Under the latest agreement, Honeywell, a Minneapolis-based global computer firm, will supply the latest control technology to run Sinopec's plants and help improve its refining and petrochemical operations.Previously, Honeywell had just provided computer hardware to Sinopec for basic automation and regulatory controls but now will deliver software and control systems. This advanced computer control technology will cut waste and improve operations, resulting in better quality products with less pollution, according to Honeywell.

Honeywell expects the Chinese linkage, which has yielded more than $50 million in the last three years, to increase its sales to Sinopec's 38 enterprises to a minimum of $75 million in new business over the next five years. Total revenue from Sinopec is expected to reach $150 million, also in the next five years, Honeywell said.

''A strong petrochemical processing industry is one of the pillar industries of the national economy and is critical in supporting and promoting China's economic growth," said Sheng Hua-ren, Sinopec president. "Based on the results that Honeywell has helped us achieve to date . . . we know Honeywell is the right partner."

Michael R. Bonsignore, Honeywell chairman, said, "Our technology solutions,

because they provided enhanced control of processing operations, also will tangibly improve energy efficiency, reduce emissions levels and support the environmental sustainability of China's petrochemical processing industry."

This agreement strengthens Honeywell's presence in the Asia-Pacific market and lets the firm "further demonstrate the value we can bring to the greatest growth market in the world," said Leopold Plattner, president of Honeywell Asia-Pacific.

Sinopec, China's largest refining and petrochemical organization, was started in 1983 as a corporation reporting to the State Council of the People's Republic of China. The operation produces gasoline, kerosene, diesel fuel and lubricating oils.

Honeywell started its Chinese operations in 1974 and established an office in China in 1987. In 1993, Honeywell formed a joint venture with Sinopec. Now the U.S. firm also operates in Hong Kong and Taiwan, with sales in those areas rising from $25 million in 1990 to almost $150 million in 1994.