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  • Recon Technology Ltd. (RCON) Receives Hefty Furnace Order From China National Petroleum Company 0 comments
    Nov 6, 2013 1:52 PM | about stocks: RCON

    Recon Technology, a supplier of oilfield services operating primarily in the People's Republic of China, announced today that China National Petroleum Company's ("CNPC") Jiling Oilfield Company and Huabei Oilfield Company have recently submitted orders for specialized oilfield furnaces. The complete value of these contracts will be approximately RMB11 million or USD1.9 million.

    The orders stipulate that Recon will supply CNPC's Jiling Oilfield Company, a new customer, with 9 vacuum heating furnaces and CNPC's Huabei Oilfield Company, a long-term customer, with 6 phase-change heating furnaces. From design through manufacture, Recon will have complete control of the project, with the expectation to complete the orders before the end of calendar 2013.

    The primary use of a furnace is to facilitate petroleum transportation by decreasing viscosity or flow resistance and maintain liquidity prior to transportation by increasing oil temperature prior to transportation away from the oilfield. Crude oil temperatures have dropped as China's oilfields have entered the water-flooding stage of development, creating an even more pressing demand for furnaces on site. Key technologies and development of oilfield furnaces are of great significance to oilfield production safety, energy saving as well as production efficiency.

    "Recon has sold more than 400 furnaces of various types since year 2009. We have made many technology breakthroughs, obtained 11 oilfield furnace-related patents and been a leader of this segmented industry," said Mr. Chen Guangqiang, CTO of the Company. "We are very excited about establishing this new business relationship with Jiling Oilfield. We will continue to focus on expanding our list of oilfield company clients in China and maintaining our leadership position. As more oil wells are developed, we believe our furnace business will continue to grow."

    For further information, please visit recon.cn

    MissionIR provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.missionir.com

    Stocks: RCON
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