China Gengsheng secured US$4.6 mln valued contract from CNPC

China GengSheng Minerals, Inc., a leading China-based high-tech industrial materials manufacturer, conducting its business through British Virgin Islands-registered GengSheng International Corporation and its Chinese subsidiaries, announced that it has secured a contract for fracture proppant products with China National Petroleum Corporation. CNPC is China’s largest oil and gas producer and supplier, and one of the world’s major oilfield service providers, with a presence in almost 70 countries.

Under this contract, which has total value approximately US$4.6 mln, products shipments and revenue recognition are expected to be started in the second quarter of 2010 and continue through the next twelve months.

GengSheng’s Chairman and CEO Mr. Shunqing Zhang named this contract an “important milestone to establishing long lasting business relationships with State-Owned Enterprises in the oil and gas sector”.
He said that the company expects the demand for its fracture proppant products to continue to grow during the second half of the year, and that they are working to increase their manufacturing capacity.

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