Recon Received Hazardous Waste Operating Permit From Chinese Government
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Recon Technology’s subsidiary Gansu BHD Environmental Technology has obtained a hazardous waste operating permit issued by the Jiuquan Environmental Protection Bureau in Gansu province.
As previously disclosed by the company, Gansu BHD purchased a 50 year land use right for a 26,235 square meter property to serve the oilfield sewage treatment needs of Yumen Oilfield Company, China’s first petroleum production base and a PetroChina Co., Ltd. subsidiary. The comprehensive disposal treatment project has an annual processing capacity of 60,000 tons of oily waste, and is currently the only such treatment facility located in Yumen city.
The permit issued on January 18, 2019 is on a temporary basis and will expire on April 17, 2019. Before the permit expires, the company will receive a formal permit if it demonstrates that its equipment and production lines can operate normally, as required by government regulations.
“We are excited that we have obtained a temporary hazardous waste operating permit from the local government and we are confident that we can exchange this for a formal permit by the end of March 2019. In addition, we are currently preparing to begin the operations of Gansu BHD and have purchased oily sludge from the field for further processing. We expect to generate RMB 60 million in revenue from this project in 2019 with a 50 percent gross margin,” said Guangqiang Chen, CTO of Recon.
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 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.
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