You can use both for this branch connection, but is better if you talk about "Flanged Olet". Normally are forged flanges integrally reinforced outlet fitting. They are more expensives but reduces the welding and installation times. Quality increasse also. Good solution for hot taps. For instruments, like thermowelds the use of "Thermalets" give good results (Moves the joint weld away from the instrument top)
YES,I really think that they the same things. they are the joint of Weldolet and welding neck flanges in deed. Until now, I haven't found the according proper standard for it. But we can produce it. Such as flanges with ASME B16.5 and the WELDOLET with ASME B6.11,3000LBS.
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