BEIJING, July 30, 2020 /PRNewswire/ -- Recon Technology,
Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced
that its 51% subsidiary, Gan Su BHD Environmental Technology Co.,
Ltd ("Gan Su BHD"), received the official 3-year hazardous waste
operating permit on July 27, 2020
issued by the Environmental Protection Bureau of Gansu Province.
In addition, Gansu BHD has received a new order from the
North China Branch of China
Petroleum & Chemical Corporation ("Sinopec") to dispose 1,680
tons of oily sludge in Gansu Pingliang work zone. The value for
this order is about RMB3.6 million
($0.5 million).
As previously disclosed by the Company, Gansu BHD purchased 50
year land use rights of a piece of 26,235 square meter land to
construct a comprehensive disposal treatment facility to mainly
serve the oilfield sewage treatment needs of Yumen Oilfield
Company, China's first petroleum
production base and a PetroChina Co., Ltd. ("PetroChina")
subsidiary. The construction completed in January 2020. The comprehensive disposal
treatment project has an annual processing capacity of 60,000 tons
of oily waste, and is one of the most advanced and the only such
automated treatment facility located in Gansu Province so far. As of today, Gansu BHD
also provides services and treatment solution to Sinopec's
Gansu branch.
Mr. Guangqiang Chen, co-founder
and CTO of Recon, stated, "With the official permit, Gansu BHD can
eventually provide large scale treatment service to clients.
Affected by Covid-19, Gansu BHD's operation was postponed
temporally. By far, we have resumed its operation. We have
transported about 5,000 tons of oily sludge to our factory disposal
site and are ready to process it so it can meet the requirements of
national environmental laws and regulations. We have also received
the major part of the services fees for this project from the
client, demonstrating the trust and the confidence from our clients
on Gansu BHD's treatment advantage and capacity. We believe Gansu
BHD's performance will be reflected in our financial results
gradually from mid-2020 and we expect more development on this
disposal business."
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.
IR Contact:
Liu Jia, Chief Financial
Officer
Recon Technology, Ltd.
Tel: +86-10-8494-5799
Email: info@recon.cn
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SOURCE Recon Technology, Ltd.