Tri-Tech Holding Awarded Natural Gas Field Project in Turkmenistan
BEIJING, April 24, 2012 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its affiliate, Beijing Satellite Science and Technology Co. ("BSST"), bid for a project from Chuanqing Drilling Engineering Company Limited of China National Petroleum Corporation for a boundary security system and Terrestrial Trunked Radio ("TETRA ") communication system, part of the turnkey construction of a natural gas processing plant for the South Yolotan-Osman Gas Field in Turkmenistan. BSST expects the contract value will be over RMB 10 million.
Under the terms of the agreement, BSST will implement boundary alarm systems for the natural gas processing plant and the pre-processing plant and build five wireless trunked base stations and one digital trucked control center that will serve the natural gas processing plant, pre-processing plant, valve chambers and compressor station. The scope of services will include organization of equipment production, equipment procurement, software re-development and system integration, and installation, testing and commissioning of the systems. BSST expects to complete the project by the end of 2012.
Mr. Feng Han, President of BSST said, "The preventive alarm system will apply laser and optical communication technologies to monitor the surroundings of the natural gas processing plant, thereby ensuring the production safety of the plant. The TETRA communication technology, with the IP-based and control-centralized switchboard, will be responsible for a number of key functions of the gas field, including daily production scheduling, emergency command and wireless standby communication channel switching."
Mr. Gavin Cheng, Joint CEO of Tri-Tech Holding commented, "The Turkmenistan award marks another successful international industrial production safety project bid, following the natural gas analysis and monitoring project in Uzbekistan secured in May 2011. With a huge reserve and area of approximately 3,000 square kilometers, the South Yolotan-Osman Gas Field of Turkmenistan is one of the world's largest known gas fields. We are honored to participate in the construction of the gas plant boundary security and communication systems for such a giant gas field. We believe our successful bid is a testament to our capabilities and experience in project implementation, particularly production safety for oil and gas fields. As a qualified subcontractor for projects from large Chinese state-owned oil and gas companies, Tri-Tech will continue to strengthen its partnership with these companies, especially on projects in overseas markets."
About Tri-Tech Holding Inc.
Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and international markets. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 39 software copyrights and 11 product patents, and employs 330 people. Please visit http://www.tri-tech.cn for more information.
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This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the successful completion of and payment for the projects referenced herein and other statements concerning plans, objectives, goals, strategies, future events such as project payments, results of marketing efforts or performance, future government initiatives, expected actions by third parties 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.
SOURCE Tri-Tech Holding Inc.