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Recon Technology Signed Sludge Treatment Agreement with Huabei Oilfield

2019-12-19 21:30 9085

NEW YORK, Dec. 19, 2019 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company") today announced Gan Su BHD Environmental Technology Co., Ltd ("Gan Su BHD"), 51%-owned subsidiary of the Company's VIE affiliate, signed a one-year sludge treatment agreement with Sinopec Huabei Oilfield Branch Oil Extraction First Factory ("Huabei Oilfield").

According to the agreement, Huabei Oilfield engages Gan Su BHD to dispose of the oily sludge of the Pingliang Industrial Zone. Gan Su BHD shall bag, transfer, and dispose of oily sludge pursuant to national safety and environmental protection requirements. The total fee is calculated by multiplying the actual transshipment sludge treatment tonnage by the unit price per ton (RMB 2,145, or approximately $306). The Company estimates that the oily sludge amount to be disposed during one year is approximately 2,000 tons.

Oily sludge is one of the most significant solid wastes generated in the petroleum industry. It has been estimated that one ton of oily sludge waste is generated from every 500 tons of crude oil processed. Oily sludge disposal will positively reduce the volume of hazardous petroleum sludge from storage tanks, and therefore reducing environmental pollution.

"Recon's mission is not only to promote the oilfield production but also to protect public safety and the environment," Mr. Guangqiang Chen, co-founder and CTO of Recon said. "In addition to signing this agreement with Huabei Oilfield, we have also reached other deals with other oilfields, such as Yumen Oilfield. We expect that these agreements can bring our company more than $1 million in income during 2020."

About Recon Technology, Ltd.

Recon Technology, Ltd. (RCON) is China's first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China's largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

IR contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com

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Source: Recon Technology, Ltd.
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