BEIJING, May 30, 2017 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading
independent oilfield services provider operating primarily in
China, today announced the
Company's affiliate, Beijing BHD Petroleum Technology Co., Ltd.
("BHD") has signed and completed an Agreement ("Agreement") with
Beijing OriginWater Purification Engineering Technology Co., Ltd
("BOW Engineering"), a subsidiary of Beijing OriginWater Technology
Co. Ltd. (300070.SZ) ("BOW") to cooperate with BOW Engineering to
install and provide maintenance and chemical testing services for
an all-in-one wastewater treatment equipment package to Golmud
Petroleum Refinery, an affiliate of Qinghai Oilfield, a PetroChina
Co., Ltd. (NYSE: PTR) ("PetroChina") subsidiary.
Pursuant to the Agreement, Recon will partner with BOW
Engineering to provide a complete set of wastewater treatment
equipment and service to an upgrade renovation project for Golmud
Petroleum Refinery, which is expected to be completed by the end of
May 2017 and the Agreement valued at
RMB 6.37 million
(approximately USD $0.94 million).
China's new Environment
Protection Law and the Emission Standard of Pollutants for the
Petroleum Refining Industry ("Emission Standard") enacted by the
Ministry of Environmental Protection of PRC ("MOEP") require all
petroleum industry companies in China to meet higher standards for industry
wastewater by July 1, 2017. As
China has increasingly enforced
compliance with these requirements, oil and chemical companies have
been upgrading their old equipment and treatment technology with
renovations like those being undertaken at the Golmud Petroleum
Refinery.
Management Commentary
Mr. Guangqiang Chen, co-founder
and CTO of Recon stated, "We are very pleased to partner with BOW
to provide a
customized wastewater treatment solution to Golmud
Petroleum Refinery for their treatment upgrade program. Oily
wastewater treatment is far more difficult than general industrial
wastewater and domestic sewage treatment. In addition, our clients
are usually located in remote areas and face the grim challenge of ecological
conservation, and thus adopt the
higher emissions standards and strict requirements of their
suppliers. We overcame these serious challenges in Golmud by
cooperating with BOW, a leading wastewater treatment expert in
China, to customize a solution
based on the Golmud project's unique chemical components and
environmental variables. These efforts have been confirmed in the
field as well, as we have successfully treated oilfield wastewater
and the testing results from the technical bidding period show the
treated water quality has greatly exceeded China's
one-class A permitted criteria. We expect to assist Golmud
Petroleum Refinery to successfully complete its wastewater
treatment upgrade project, and look forward to further
advancing our brand awareness
within the industry. Our research into oilfield oil sludge has
positioned us to enter the larger market of oilfield environmental
protection."
About Beijing OriginWater Technology Co., Ltd.
(300070.SZ)
Founded in 2001 and listed in Shenzhen market in 2010, Beijing OriginWater
Technology Co. Ltd. is a one stop solution provider that has
dedicated itself to resolving China's three main water issues: water
pollution, water shortage and drinking water
insecurity.
About PetroChina Company Limited (NYSE: PTR) and
Golmud Petroleum Refinery
PetroChina Company Limited ("PetroChina") is the largest oil and
gas producer and distributor, playing a dominant role in the oil
and gas industry in China.
Golmud Petroleum Refinery is an affiliate of Qinghai Oilfield, a
subsidiary of PetroChina Co., Ltd. and is in the Southeast of
Golmud City, the facility covers an area of 77.8 hectares, 2,850
meters above sea level, is the only one million tons (a processing
capacity of 1 million tons per year) refinery in the Qinghai-Tibet
Plateau.
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. is China's first listed non-state owned oil and
gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies,
Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies,
efficient gathering and transportation equipment and reservoir
stimulation measure for increasing petroleum extraction levels,
reducing impurities and lowering production costs. Through the
years, RCON has taken leading positions on several segmented
markets of the oil and gas filed service industry. RCON also has
developed stable long-term cooperation relationship with its major
clients, and its products and service are also well accepted by
clients. For additional information please visit: www.recon.cn
.
Safe Harbor
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by the
cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the company
disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof.
Company Contact
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 8494-5799
info@recon.cn
Investor Relations
The Equity Group Inc.
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
In the U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
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SOURCE Recon Technology, Ltd.
