Recon Technology Announces Large Furnace Order from China National Petroleum
BEIJING, Nov. 5, 2013
BEIJING, Nov. 5, 2013 /PRNewswire-FirstCall/ --Recon Technology, Ltd.
(NASDAQ: RCON), an oilfield service company provider ("Recon" or the
"Company") operating primarily in the People's Republic of China, announced
today it recently received several sales orders for specialized oilfield
furnaces from China National Petroleum Company's ("CNPC") Jiling Oilfield
Company and Huabei Oilfield Company. The total value of these contracts will
be approximately RMB11 million or USD1.9 million.
According to sales contracts, the Company will provide 9 vacuum heating
furnaces to its newly developed customer, CNPC's Jiling Oilfield Company, and
6 phase-change heating furnaces to its long-term customer, CNPC's Huabei
Oilfield Company. The Company will be in charge of the project, from design
through manufacture of the furnaces, and expects to complete the orders before
the end of calendar 2013.
Furnaces are mainly used to facilitate petroleum transportation by raising oil
temperature to decrease viscosity or flow resistance and maintain liquidity
before the oil is transported from the oilfield. As China's oilfields have
entered the water-flooding stage of development, crude oil temperatures drop,
making furnaces even more important to efficient transportation. Key
technologies and development of oilfield furnaces are of great significance to
oilfield production safety, energy saving as well as production efficiency.
"Recon has sold more than 400 furnaces of various types since year 2009. We
have made many technology breakthroughs, obtained 11 oilfield furnace-related
patents and been a leader of this segmented industry," said Mr. Chen
Guangqiang, CTO of the Company. "We are very excited about establishing this
new business relationship with Jiling Oilfield. We will continue to focus on
expanding our list of oilfield company clients in China and maintaining our
leadership position. As more oil wells are developed, we believe our furnace
business will continue to grow."
About Recon Technology, Ltd
Recon Technology, Ltd provides leading Chinese oil and gas companies with
automation services designed to increase efficiency and profitability in
relation to the exploration, extraction, production, refining and
transportation of field based petroleum products for 10 years. Recon
Technology is the first Chinese non-state-owned oil and gas service company to
go public in the U.S.For additional information please visit us at
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to
purchase any security. Such an offer can only be made in accordance with the
Securities Act of 1933, as amended, and applicable state securities laws. Any
statements contained in this release that relate to future plans, events or
performance are forward-looking statements that involve risks and
uncertainties as identified in Recon's filings with the Securities and
Exchange Commission. Actual results, events or performance may differ
materially. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as the date hereof. Recon
undertakes no obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect the events or
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Recon Technology, Ltd
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SOURCE Recon Technology, Ltd.
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