BEIJING, Jan. 31, 2022 /PRNewswire/ -- Recon Technology
Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that
its mainland China variable
interest entity has entered into a technical service contract with
a Dalian-based petrochemical
company, Dalian West Pacific Petrochemical Company Limited ("WEPEC"
or the "Refining Company") to provide three years of operation and
maintenance services on metering instruments such as alarms and
flow meters that are used for the daily operation of production
facilities within refineries. The total amount of the contract is
RMB6.87 million.
Recon will provide technical and maintain services for the
Refining Company's operation and maintenance projects of alarms and
trade metering flow meters and other metering instruments from 2022
to 2024.
WEPEC is the first large-scale Sino-foreign joint venture
petrochemical enterprise approved by the State Council of
the People's Republic of China and
jointly invested by Chinese and French shareholders, and is also a
landmark project in China's energy
industry with opening up to foreign cooperation. With a total
investment of $1.013 billion, WEPEC
covers an area of 2.5 square kilometers and has a primary crude oil
processing capacity of 10 million tons/year.
Management Statement
Mr. Shenping Yin, Founder and CEO
of Recon said, "We are delighted to have secured another long-term
service contract for the instrumentation of operation and
maintenance for a refining company, which is another significant
development for Recon in providing maintenance services for
refining companies following a four-year service contract for
flammable and toxic gas alarm systems with Yunnan Petrochemical in
August 2021. Recon has a deep
understanding and more than 20 years of industry experience in the
installation and maintenance of automated instruments for the
Chinese energy industry companies. Preventing and being able to
identify gas leakage problems in a timely manner, introducing
intelligent metering technology for customers according to their
project needs to solve metering accuracy problems, providing
intelligent management and service technology to save customers'
operation and maintenance costs, and introducing timely
low-power technology and information security technology to improve
the intelligence of customers' projects are the core competencies
of Recon to providing specific solutions for customers and securing
more orders and ensuring the core competence of the company's
competitive advantage. We believe that with the development of
instruments utilizing the intelligent Internet of Things ("IoT")
technology, the Narrow Band IoT ("NB-IoT") network wide coverage of
instrumentation upgrades, and even the development of the LoRa
technology, intelligent product application scenarios and such
usage will usher in a phase of rapid development. We expect Recon
will continue to obtain orders for related operations and
maintenance services. With the accumulation of our customers and
technology, we will also launch further in-depth cooperation with
instrument manufacturers to continuously improve our competitive
advantage and long-term development potential in the automation and
instrumentation business."
About Recon Technology, Ltd ("RCON")
Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first
NASDAQ-listed non-state owned oil and gas field service company.
Recon supplies China's largest oil
exploration companies, Sinopec (NYSE: SNP) and The China National
Petroleum Corporation ("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 within several
segmented markets of the oil and gas filed service industry. RCON
also has developed stable long-term cooperation relationship with
its major clients. For additional information please visit:
http://www.recon.cn/.
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not
historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Our actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements. In
some cases, you can identify forward-looking statements by the use
of words such as "expect," "believe," "estimate,"
"potential," "continue," "likely," "will," and variations of these
terms and similar expressions, or the negative of these terms or
similar expressions. Such forward-looking statements are
necessarily based upon estimates and assumptions that, while
considered reasonable by us and our management, are inherently
uncertain. Factors that may cause actual results to differ
materially from current expectations include, among others, whether
we will establish successfully cooperation with Huitong Dalian;
changes in the competitive environment in our industry and the
markets where we operate; our ability to access the capital
markets; and other risks discussed in the Company's filings with
the U.S. Securities and Exchange Commission ("SEC"), including our
Annual Report on Form 20-F, which filings are available from the
SEC. We caution you not to place undue reliance on any
forward-looking statements, which are made as of the date of this
press release. We undertake no obligation to update publicly any of
these forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
For more information, please contact:
Ms. Liu Jia
Chief Financial Officer
Recon Technology, Ltd
Phone: +86 (10) 8494-5799
Email: info@recon.cn
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SOURCE Recon Technology, Ltd.