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Recon Awarded RMB3.97 Million New Contract to Provide High Efficiency Heating Furnaces Equipment for Leading China Oil and Gas Company
BEIJING, Dec. 8, 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. 8, 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, Huang Hua BHD Petroleum Equipment Manufacturing Co. Ltd. (\"HH BHD\") was awarded a RMB3.97 million ($0.57 million) contract to provide high efficiency heating furnaces equipment for a leading China oil and gas company. In total, HH BHD has generated RMB6.68 million ($0.96 million) in revenue from awarded bids and contracts in the past fiscal quarters.\nPursuant to the recently awarded contract, the equipment HH BHD will supply include insulation devices, automatic alcohol injection device for oil and gas wells and pipelines, large tank extraction skids for processing equipment, splitters and sewage tanks. HH BHD will also provide repair and maintenance services for heating furnaces at the oil and gas client's oil transmission center. All equipment to be supplied under the contract have a two-year quality guarantee.\nManagement Statement\nMr. Shenping Yin, Founder and CEO of Recon commented: \"These contracts affirm our commitment to our customers to continuously provide first-in-class solutions and services they need to outpace their competition and succeed. The enduring usage and high-quality of our products could be applied in various forms, serving a variety of industries that shall help bolster our overall business performance in the coming year.\"\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 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 addition...