Recon Technology completes first stage of oily sludge project in Yumen
Recon Technology completed the first stage of its construction of a comprehensive disposal treatment project in Yumen city, Gansu province through its 51% subsidiary, Gansu BHD Environmental Technology, which focuses on oilfield sewage treatment and oily sludge disposal projects. Gansu BHD purchased a 50 year land use right for a 26,235 square meter property to build the Project to serve the oilfield sewage treatment needs of Yumen Oilfield, China's first petroleum production base and a PetroChina subsidiary. The company estimates total investment in the Project to decrease from RMB 100M to RMB 40M. The company expects the Project to be operational by the end of the calendar year 2018 and to generate annual revenues for Gansu BHD of more than RMB 50M, assuming full capacity.