BEIJING, June 3 /PRNewswire-Asia-FirstCall/ -- Recon Technology, Ltd. (Nasdaq: RCON), a leading Chinese non-state-owned oil field services provider, today announced that its wholly owned subsidiary, Jining ENI Energy Technology Co Ltd ("ENI"), had recently signed a new contract valued at US$116,147 (RMB789,800) to supply spare parts of turbo expander for Sinopec Northwest Oilfield, only a month after completing an order worth US$0.68 million (RMB4.65 million) to supply high pressure differential control valves for the same company.
ENI has been a major supplier of oilfield services for Sinopec Northwest since 2005. ENI's contract value for Sinopec Northwest services has been doubling each year for the past five years. For the first five months of 2010, the total value of orders from Sinopec Northwest is US$2.41 million (RMB16,373,619), increased by 93% from US$1.25 million (RMB8,485,431) recorded for the same period last year.
Mr. Hongqi Li, Recon Technology Chief Marketing Officer, said, "The continuous increase of purchase orders from Sinopec Northwest shows that our equipment and services are very competitive in the Chinese oilfield services industry. We have demonstrated our strong capability to serve the increasingly sophisticated demands of our clients."
"The new orders show our further penetration into the oilfields in the northwestern region of China. I believe this purchase agreement will lead to continuously strong sales to Sinopec Northwest and other oil and gas exploration companies," said Mr. Li.
About Recon Technology, Ltd.
Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipments and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years. More information may be found at http://www.recon.cn or e-mail: email@example.com
Recon's online investor kit, including an investment profile, press releases, current price quotes, stock charts and more is available at http://www.hawkassociates.com/profile/rcon.cfm . To receive notification of future releases via e-mail, subscribe at http://www.hawkassociates.com/about/alert/ .
About Sinopec and Sinopec Northwest
Sinopec, also known as China Petroleum & Chemical Corporation [NYSE: SNP; LSE: SNP; HKEX: 0386; SHSE: 600028], is China's 2nd largest crude producer and ranked No.9 by Fortune Global 500 in 2009. Sinopec Northwest operates the 2nd largest oilfield of Sinopec. It contributes about 1/6 of Sinopec's total crude output. Sinopec Northwest plans to produce 6.97 million tons (139,400 barrels per day) of crude and 1.3 billion cubic meters of natural gas in 2010. More information may be found at http://www.sinopec.com
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.
For more information, please contact: In USA: Hawk Associates Julie Marshall Frank Hawkins Tel: +1-305-451-1888 Email: firstname.lastname@example.org In China: Recon Technology, Ltd. Peggy Yuan Investor Relations Tel: +86-10-8494-5799 Email: email@example.com
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