Recon Technology, Ltd. Announced Receipt of Official Hazardous Waste Operating Permit and New Order on Oily Sludge Treatment
Recon Technology, Ltd. (NASDAQ: RCON) announced that its subsidiary, Gan Su BHD Environmental Technology Co., Ltd, received a 3-year hazardous waste operating permit from the Gansu Province Environmental Protection Bureau on July 27, 2020. The subsidiary has secured a new order from Sinopec to dispose of 1,680 tons of oily sludge, valued at approximately RMB3.6 million ($0.5 million). Additionally, Gan Su BHD's comprehensive disposal treatment facility, operational since January 2020, is set to significantly enhance its service capabilities in waste treatment.
- Receipt of a 3-year hazardous waste operating permit enhances operational capabilities.
- New contract with Sinopec worth approximately RMB3.6 million ($0.5 million) indicates robust demand.
- Comprehensive disposal treatment facility with 60,000 tons annual capacity is the only advanced facility in Gansu Province.
- Operations were temporarily postponed due to Covid-19, impacting business continuity.
BEIJING, July 30, 2020 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced that its
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 (
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.
FAQ
What recent permit did Recon Technology's subsidiary receive?
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When was the hazardous waste operating permit issued to Gan Su BHD?
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