Greka Engineering & Technology Ltd Power Supply Contract
March 10 2014 - 3:01AM
RNS Non-Regulatory
TIDMGEL
Greka Engineering & Technology Ltd
10 March 2014
10 March 2014
GREKA ENGINEERING & TECHNOLOGY LTD
("Greka Engineering", "Greka" or the "Company")
Power Supply Contract
Greka Engineering & Technology Ltd. (AIM: GEL), the
unconventional gas sector engineering and technology business with
pipeline, gas compression and power generation assets in China, is
pleased to announce a power supply contract with Jiaqin Agriculture
Company for three years.
The customer is developing an agricultural project within the
existing catchment area of the Company and the gas to power will be
generated from the Company's integrated production facility. The
Company's power plant is environmentally progressive and reliable
resulting in the customer agreeing to pay above market rates for
this supply. This is the third customer to be supplied power by
Greka Engineering that is also already using facilities supplied,
operated and constructed on a tolling pricing structure. Revenue
from this contract is expected to commence in May 2014 with
additional engineering services and expertise from Greka
Engineering.
Pricing terms between the parties are confidential with the
power generated from gas under the terms of the existing contract
between Greka Engineering and Green Dragon Gas. Initially this
contract is expected to supply 1,700 MWH annually.
Randeep S. Grewal, Chairman of Greka Engineering, commented:
"This contract represents an important milestone for the Company
as it demonstrates our ability to deliver gas and electricity at
optimal pricing to multiple end customers. The deal signals a
deliverable and scalable strategy that benefits from years of
accumulated knowledge of compression, transmission and gas-to-power
technologies."
For more information of Greka Engineering, please visit the
company website at: www.grekaengineering.com.
Contacts:
Greka Engineering
Randeep Grewal, Chairman +852 3710 0168
Smith & Williamson
Nominated Adviser
Dr Azhic Basirov / David Jones /
Ben Jeynes +44 20 7131 4000
RFC Ambrian
Broker
Sarah Wharry +44 20 3440 6800
WH Ireland
Broker
Tim Feather +44 113 394 6600
Walbrook + 44 20 7933 8780
Media & Investor Relations get@walbrookpr.com
Paul Cornelius / Guy McDougall
About Greka Engineering and Technology
Greka Engineering & Technology Ltd., (AIM; GEL) was demerged
from Green Dragon Gas Limited (AIM; GDG) via a dividend in specie
and was admitted to trading on AIM in September 2013.
Greka Engineering offers turnkey solutions to over 90 upstream,
midstream and downstream gas suppliers. The Company's technologies
include Compressed Natural Gas/Liquefied Natural Gas (CNG/NLG)
compressor equipment, CNG retail dispenser equipment and CBM
wellhead extraction technologies. The Company also supplies
proprietary Integrated Circuit Card Point of Sale (ICC POS) and
Supervisory Control and Data Acquisition (SCADA) software and
hardware solutions for the remote management of transmission
systems, power facilities, vehicle management and retail
services.
In addition, the Company invests in, operates and maintains
wholly owned assets for its customers in return for service
contracts based on the volume management.
The Company has historically completed several Engineering,
Procurement, Construction and Management (EPCM) contracts including
the design, construction and management of gas gathering systems, a
gas pipeline in Shanxi Province to the China West-East pipeline,
the installation and commissioning of a 10MW gas-fired power
facility in the Shanxi province and the construction of CNG retail
stations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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