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NEW YORK, Nov. 22, 2019 /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"), officially started operations this month in Yumen City, Gansu Province by providing oily sludge treatment services to an oil production plant. Focusing on oily sludge treatment and disposal projects, Gan Su BHD reported daily processing capacity of 102 tons and has processed more than 2,000 tons of sludge so far.
In November, Gan Su BHD provided transportation and treatment services to Laojunmiao Oil Production Plant of Yumen Oilfield Company of the China National Petroleum Corporation ("Yumen Oilfield Company"), including transporting 2,000 tons of oily sludge from the temporary solid waste storage site to the disposal site, and treating the oily sludge to meet the requirements of national environmental laws and regulations.
Gansu Province is a landlocked province in Northwestern China with a petroleum reserve of 700 million tons. Yumen City is a city in Western Gansu Province and is best known for its oil production. From 80 years ago when it was founded till now, Yumen Oilfield Company has explored accumulated proven oil reserves of 193 million tons. Currently it maintains an annual output of around 400,000 tons.
As previously disclosed by the Company, Gan Su BHD purchased a 50-year land use right for a 26,236square meters property to build a comprehensive disposal treatment plant (the "Plant") to serve the oilfield sludge treatment needs of Gansu Province. The Plant, which can process 60,000 tons of oily sludge per year, so far is the only such treatment facility located in Yumen City.
"Gan Su BHD is meant to pioneer the sludge treatment technology and serve the first step in the oilfield environmental protection sector. With greater environmental protection needs deriving by increased enforcement of environmental laws, we expect the Plant will generate annual revenue for more than $ 10 million," Mr. Guangqiang Chen, co-founder, and CTO of Recon said. "We believe our technology can help oilfields strengthen the workforce, reduce cost, improve environmental performance and achieve the environmental, social and governance ("ESG") objectives. These advanced technologies can also bring long-term benefits to our shareholders and strategic partners."
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.
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Dragon Gate Investment Partners LLC
SOURCE Recon Technology, Ltd.