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Honghua Group Limited Enters Into The First Agreement In Kazakhstan For Oil And Gas Engineering Services Worth US$10 Million

soruce:manager    click:5461    time:2010-11-25

Honghua Group Ltd. is pleased to announce that one of the Group’s subsidiaries has, for the first time, entered into an oil and gas engineering services agreement with a client in Kazakhstan worth approximately US$10 million. This represents the development of Honghua’s business into the field of oil and gas engineering services and is a big step forward in realizing the long-term strategy of proactive extension in the Group’s production chain. Pursuant to the agreement, Honghua will provide an expert engineering team for drilling and engineering services with a Honghua self-manufactured 7000-meter drilling rig for a planned period of approximately 9 months beginning at the end of 2010.

Since its foundation, Honghua has always upheld the principle of in-house research and development of advanced products. In addition, Honghua has gained a long-term reputation for the quality of its oil and gas drilling equipment and services, and obtained the title of “Famous Trademark of China” from the Trademark Office of State Administration for Industry and Commerce of the People’s Republic of China in early October. All these serve as a solid foundation for the Group’s profound business development.

Mr. Zhang Mi, Chairman of Honghua commented, “We are extremely pleased to gain our first oil and gas engineering services agreement in the Kazakh market. Honghua adopts the strategy of interactive development in diversified segments with equipment production as its core business and resources exploration and engineering services as its supplementary businesses. The development in the field of oil and gas engineering services not only signifies that Honghua’s strategic deployment have taken a big step forward, but also demonstrates that our expert team and quality of services have gained market recognition, which lends a strong support to our long-term strategy to extend our production chain and provides momentum to facilitate the interactive development of diversified business segments. With the steady recovery of the global economy and the continued increase in demand for oil, the global oil and gas engineering market, especially in Eastern European markets like Russia, will continue to improve accordingly. Leveraging on its sizeable customer base in emerging markets and enhancing its distribution network, Honghua is well-positioned to capture business opportunities in the field of global oil and gas engineering services, steadily promoting the constant development in the field, so as to expand income sources and add momentum for the Group’s long-term business development。

Reported by Board Secretary Office, Honghua Group

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