Business
Recon Announces 3-Year Oily Wastewater Treatment Service Agreement
BEIJING, May 11, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") today announced that the mainland China variable
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, May 11, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) (\"Recon\" or the \"Company\") today announced that the mainland China variable interest entity with whom its subsidiary, Recon Hengda Technology (Beijing) Co., Ltd. has entered into a 3-year service agreement with one domestic oilfield client to provide a complete-set of solutions for oily wastewater treatments. According to the actual production capacity of the client and the settlement terms set in the agreement, the contract amount is expected to be RMB3.5 million per year.\nAccording to the agreement, Recon will be required to provide the client with oily wastewater treatment facilities and the corresponding chemicals designed and prepared by Recon to ensure that the effluent from the oilfield treatment stations can be re-injected after satisfactory disposal subject to applicable state laws and regulations.\nManagement Statement\nMr. Guangqiang Chen, Founder and Chairman of Recon said, \"We're pleased to announce another long-term agreement with our client for our wastewater treatment business. With the recovery of oil prices, the production activities of our clients are also increasing, which inevitably leads to an increase in the amount of oily wastewater and effluent in the oil production process. The Chinese oilfield companies take environmental protection very seriously, and in order to ensure that the produced effluent meets the discharge standards, our clients need to commission a professional third party to treat the oily effluent produced during their production process. Recon has been investing enough in the oilfield environmental protection business in recent years and we believe our solutions are now in a leading position of the industry. Our oilfield environmental business is now in a fast-growing stage, and has achieved a 544% year-over-year growth in the six-month period ended December 31, 2021. We will continue to maintain our focus on the oilfield environmental business segment and expect the business to continue to bring new profit growth to the company in the future.\"\nAbout Recon Technology, Ltd (\"RCON\")\nRecon 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 ...