BEIJING, May 5, 2020 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced it
signed a $2.8 million engineering and
construction service subcontract with Grand Energy Development
Limited on a heavy oil transportation system project (the
"Project") in Garraf oilfield in Iraq for the services that Recon has provided.
Pursuant to the subcontract, Recon shall carry out all the
engineering design services, provide the technical support to the
procurement, construction, commissioning activities and provide the
training services of the heavy oil transportation system
project.
Garraf oilfield is located in the province of Thi Qar,
Iraq, approximately 5km north-west
of Al-Refaei city and 85km north of Nasiriya city. The oilfield is
17.5km long and 5.5km wide. It is estimated to hold 1.3 billion
barrels of oil reserves. Based on the Final Development Plan
approved by the Government of Iraq
in 2018, the oilfield is undergoing further development in stages
to achieve crude oil production of 230,000 barrels per day by the
end of 2020.
As part of the Project, the heavy oil pipeline with a total
intended capacity of 275,000 barrels per day will be built to
support the Garraf production target. By providing the services
under the Project, Recon has played an important role in building
the heavy oil pipeline.
"With advanced technique and wide experiences in the automation
and digitalization of oil and gas industry, Recon has a relatively
competitive advantage in the engineering design and construction
businesses in oilfield segment," Mr. Shenping Yin, co-founder and CEO of Recon said.
"With the successful completion of the project, we expect to
construct more oilfield projects and hope to help more oilfields
reduce costs and maintain yields at a healthy level in the near
future."
About Recon Technology,
Ltd.
Recon Technology,
Ltd. (RCON) is China's first non-state-owned
oil and gas field service company listed on NASDAQ. Recon
supplies China's largest oil exploration
companies with advanced automated technologies, efficient
gathering and transportation equipment and reservoir stimulation
measures for increasing petroleum extraction levels, reducing
impurities and lowering production costs. Since 2017, the Company
has expanded its business operations into other segments of the
broader energy industry including electric power, coal chemicals,
renewable energy and environmental protection in the energy and
chemical industries. Through the years, Recon has taken
leading positions on several market segments of the oil and gas
field service industry. Recon also has developed stable long-term
cooperation relationships with its major clients, and its
products and service are well accepted by clients. For additional
information please visit: www.recon.cn.
Safe Harbor Statement
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, the effect of novel coronavirus and other health
matters on target markets, 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.
IR contact:
Liu Jia
Recon Technology, Ltd.
+86 (10) 84945799
info@recon.cn
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SOURCE Recon Technology, Ltd.