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Recon Awarded New Contract to Provide Gas Flares for Oil and Gas Fields in China's Northwestern Qinghai Province
BEIJING, Dec. 19, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the
About this update from Recon Technology, Ltd.
[{"type":"text","content":"BEIJING, Dec. 19, 2022 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) (\"Recon\" or the \"Company\"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced that a mainland China variable interest entity's subsidiary, Beijing BHD Petroleum Technology Co., Ltd. (\"Beijing BHD\") was awarded a new RMB1.31 million ($0.19 million) contract to provide gas flares for oil and gas fields operated by a leading China oil and gas company in the Northwestern Qinghai province. In total, Beijing BHD has generated RMB8.50 million ($1.22 million) in revenue from awarded bids and contracts for heating furnaces and related accessories since July 2022.\nPursuant to the recently awarded contract, the equipment to be supplied by Beijing BHD will be mainly used to manage volatile organic compounds (\"VOCs\"), or organic chemicals that have a high vapor pressure at room temperature. Emission of VOCs from crude oil processing are known to adversely affect both the human health and the environment. VOCs can escape during various stages of crude oil processing, from extraction to refinery; thus the crude oil industry is recognized as one of the major sources of VOC releases into the environment, which makes their control and management important.\nManagement StatementMr. Shenping Yin, Founder and CEO of Recon commented: \"We are glad to report on further business progress on our operation in China following last week's announcement about new contracts gained from our long-term clients and partners. This is a recognition that serves as a testament to the challenging and inspiring work our team members do every day. We are happy to see that our efforts are proven productive and will strive to keep and grow our great work in the coming year.\"\nForward-Looking StatementsRecon includes \"forward-looking statements\" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as \"scheduled,\" \"may,\" \"will,\" \"could,\" \"should,\" \"would,\" \"expect,\" \"believe,\" \"anticipate,\" \"project,\" \"plan,\" \"estimate,\" \"forecast,\" \"goal,\" \"objective,\" \"committed,\" \"intend,\" \"continue,\" or \"will...