Benzinga | Jan 31, 2022 08:42AM EST

Recon Announces RMB6.87M Metering Instrument Maintenance Contract With A Refining And Chemical Company

Recon Technology Ltd (NASDAQ:RCON) ("Recon" or the "Company") today announced that its mainland China variable interest entity has entered into a technical service contract with a Dalian-based petrochemical company, Dalian West Pacific Petrochemical Company Limited ("WEPEC" or the "Refining Company") to provide three years of operation and maintenance services on metering instruments such as alarms and flow meters that are used for the daily operation of production facilities within refineries. The total amount of the contract is RMB6.87 million.

Recon will provide technical and maintain services for the Refining Company's operation and maintenance projects of alarms and trade metering flow meters and other metering instruments from 2022 to 2024.

WEPEC is the first large-scale Sino-foreign joint venture petrochemical enterprise approved by the State Council of the People's Republic of China and jointly invested by Chinese and French shareholders, and is also a landmark project in China's energy industry with opening up to foreign cooperation. With a total investment of $1.013 billion, WEPEC covers an area of 2.5 square kilometers and has a primary crude oil processing capacity of 10 million tons/year.