NEW YORK, Nov. 22, 2019 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced
that its 51% subsidiary, Gan Su BHD Environmental Technology Co.,
Ltd ("Gan Su BHD"), officially started operations this month in
Yumen City, Gansu Province by
providing oily sludge treatment services to an oil production
plant. Focusing on oily sludge treatment and disposal projects, Gan
Su BHD reported daily processing capacity of 102 tons and has
processed more than 2,000 tons of sludge so far.
In November, Gan Su BHD provided transportation and treatment
services to Laojunmiao Oil Production Plant of Yumen Oilfield
Company of the China National Petroleum Corporation ("Yumen
Oilfield Company"), including transporting 2,000 tons of oily
sludge from the temporary solid waste storage site to the disposal
site, and treating the oily sludge to meet the requirements of
national environmental laws and regulations.
Gansu Province is a landlocked
province in Northwestern China
with a petroleum reserve of 700 million tons. Yumen City is a city
in Western Gansu Province and is
best known for its oil production. From 80 years ago when it was
founded till now, Yumen Oilfield Company has explored accumulated
proven oil reserves of 193 million tons. Currently it maintains an
annual output of around 400,000 tons.
As previously disclosed by the Company, Gan Su BHD purchased a
50-year land use right for a 26,236square meters property to build
a comprehensive disposal treatment plant (the "Plant") to serve the
oilfield sludge treatment needs of Gansu
Province. The Plant, which can process 60,000 tons of oily
sludge per year, so far is the only such treatment facility located
in Yumen City.
"Gan Su BHD is meant to pioneer the sludge treatment technology
and serve the first step in the oilfield environmental protection
sector. With greater environmental protection needs deriving by
increased enforcement of environmental laws, we expect the Plant
will generate annual revenue for more than $
10 million," Mr. Guangqiang
Chen, co-founder, and CTO of Recon said. "We believe our
technology can help oilfields strengthen the workforce, reduce
cost, improve environmental performance and achieve the
environmental, social and governance ("ESG") objectives. These
advanced technologies can also bring long-term benefits to our
shareholders and strategic partners."
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, 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:
Dragon Gate Investment
Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
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SOURCE Recon Technology, Ltd.