BEIJING, May 30, 2017 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), ("Recon" or the "Company"), a leading independent oilfield services provider operating primarily in China, today announced the Company's affiliate, Beijing BHD Petroleum Technology Co., Ltd. ("BHD") has signed and completed an Agreement ("Agreement") with Beijing OriginWater Purification Engineering Technology Co., Ltd ("BOW Engineering"), a subsidiary of Beijing OriginWater Technology Co. Ltd. (300070.SZ) ("BOW") to cooperate with BOW Engineering to install and provide maintenance and chemical testing services for an all-in-one wastewater treatment equipment package to Golmud Petroleum Refinery, an affiliate of Qinghai Oilfield, a PetroChina Co., Ltd. (NYSE: PTR) ("PetroChina") subsidiary.
Pursuant to the Agreement, Recon will partner with BOW Engineering to provide a complete set of wastewater treatment equipment and service to an upgrade renovation project for Golmud Petroleum Refinery, which is expected to be completed by the end of May 2017 and the Agreement valued at RMB 6.37 million (approximately USD $0.94 million).
China's new Environment Protection Law and the Emission Standard of Pollutants for the Petroleum Refining Industry ("Emission Standard") enacted by the Ministry of Environmental Protection of PRC ("MOEP") require all petroleum industry companies in China to meet higher standards for industry wastewater by July 1, 2017. As China has increasingly enforced compliance with these requirements, oil and chemical companies have been upgrading their old equipment and treatment technology with renovations like those being undertaken at the Golmud Petroleum Refinery.
Mr. Guangqiang Chen, co-founder and CTO of Recon stated, "We are very pleased to partner with BOW to provide a customized wastewater treatment solution to Golmud Petroleum Refinery for their treatment upgrade program. Oily wastewater treatment is far more difficult than general industrial wastewater and domestic sewage treatment. In addition, our clients are usually located in remote areas and face the grim challenge of ecological conservation, and thus adopt the higher emissions standards and strict requirements of their suppliers. We overcame these serious challenges in Golmud by cooperating with BOW, a leading wastewater treatment expert in China, to customize a solution based on the Golmud project's unique chemical components and environmental variables. These efforts have been confirmed in the field as well, as we have successfully treated oilfield wastewater and the testing results from the technical bidding period show the treated water quality has greatly exceeded China's one-class A permitted criteria. We expect to assist Golmud Petroleum Refinery to successfully complete its wastewater treatment upgrade project, and look forward to further advancing our brand awareness within the industry. Our research into oilfield oil sludge has positioned us to enter the larger market of oilfield environmental protection."
About Beijing OriginWater Technology Co., Ltd. (300070.SZ)
Founded in 2001 and listed in Shenzhen market in 2010, Beijing OriginWater Technology Co. Ltd. is a one stop solution provider that has dedicated itself to resolving China's three main water issues: water pollution, water shortage and drinking water insecurity.
About PetroChina Company Limited (NYSE: PTR) and Golmud Petroleum Refinery
PetroChina Company Limited ("PetroChina") is the largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China.
Golmud Petroleum Refinery is an affiliate of Qinghai Oilfield, a subsidiary of PetroChina Co., Ltd. and is in the Southeast of Golmud City, the facility covers an area of 77.8 hectares, 2,850 meters above sea level, is the only one million tons (a processing capacity of 1 million tons per year) refinery in the Qinghai-Tibet Plateau.
About Recon Technology, Ltd. (NASDAQ: RCON)
Recon Technology, Ltd. is China's first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec (NYSE: SNP) and 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 on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For additional information please visit: www.recon.cn .
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.
Liu Jia, CFO
Recon Technology, Ltd.
+86 (10) 8494-5799
The Equity Group Inc.
Katherine Yao, Senior Associate
In the U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
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SOURCE Recon Technology, Ltd.