Shares of Recon Technology (NASDAQ: RCON) are up 21% after the company this morning said it will provide its proprietary chemical compound agents, microbiological treatment agents and relevant services for oily sewage treatments to Qinghai Oilfield Company, a PetroChina Co., Ltd. subsidiary. The company expects to receive revenues of RMB 13.11 million (approximately USD $2 million) over the course of one year, dependent upon the quantity of the products actually used. “This is a major progression in our partnership with Qinghai Oilfield, and an indication of the upside potential of Recon in the oilfield environmental protection market,” Recon chief executive officer Yin Shenping stated in the news release.
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About Recon Technology, Ltd.
Recon Technology, Ltd. is China’s first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and CNPC, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions on several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients, and its products and service are also well accepted by clients. For more information about the company, visit www.recon.cn
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