China Gengsheng Minerals won two contracts with China’s Changqing Oilfield

China Gengsheng Minerals, Inc. (http://finance.yahoo.com/q?s=CHGS), the Chinese high-tech industrial materials manufacturing company conducting its business through its subsidiary Gengsheng International Corporation (BVI) (http://bvi-companies.blogspot.com/2008/02/gengsheng-international-corporation.html), received two fracture proppant supply contracts with Chinese company Changqing Oilfield, which is a subsidiary of  China National Petroleum Corporation (http://www.cnpc.com.cn/en/) (CNPC).
The term of both contracts is one year, their total value is approximately $1.3 million. Pursuant to the contracts, Gengsheng will start shipping fracture proppants for Changqing Oilfield immediately.
Changqing Oilfield is China’s second largest oilfield with a total area of 370,000 square kilometers for exploration. In 2009,  the total oil and gas equivalent production at Changqing had exceeded 30 million tons.
According to Mr. Shunqing Zhang, Chairman and CEO of Gensheng, the company “has maintained solid relationship with Changqing Oilfield, due to our technological advantages and resources advantages.” Also, he said that a successful win of contracts with Changqing Oilfield means the good momentum of the Fracture Proppant Segment’s long-term development.

China Gengsheng Minerals, Inc., the Chinese high-tech industrial materials manufacturing company conducting its business through its subsidiary Gengsheng International Corporation (BVI), received two fracture proppant supply contracts with Chinese company Changqing Oilfield, which is a subsidiary of  China National Petroleum Corporation (CNPC).

The term of both contracts is one year, their total value is approximately $1.3 million. Pursuant to the contracts, Gengsheng will start shipping fracture proppants for Changqing Oilfield immediately.

Changqing Oilfield is China’s second largest oilfield with a total area of 370,000 square kilometers for exploration. In 2009,  the total oil and gas equivalent production at Changqing had exceeded 30 million tons.

According to Mr. Shunqing Zhang, Chairman and CEO of Gensheng, the company “has maintained solid relationship with Changqing Oilfield, due to our technological advantages and resources advantages.” Also, he said that a successful win of contracts with Changqing Oilfield means the good momentum of the Fracture Proppant Segment’s long-term development.

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