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China Gengsheng Minerals, Inc. Wins $3.54 million Order for Fracture Proppants from a North American
- China Aluminium Network
- Post Time: 2008/12/29
- Click Amount: 585
China Gengsheng Minerals, Inc. (BULLETIN BOARD: CHGS) ("Gengsheng" or "the Company"), a materials technology company in China with products capable of withstanding high temperature, saving energy and boosting productivity in certain industries such as steel and oil, today announced that it has signed fracture proppant supply contracts worth a total value of $3.54 million with a distributor to supply oil fields in North America.
According to the contracts, Gengsheng will start shipping fracture proppants immediately through the end of 2009. Fracture proppants are a light, bauxite-based, grain-like material that has a round and smooth surface and a quality of resisting high pressure and acid corrosion. They are used by oil and gas drillers to extract pockets of oil and natural gas scattered underground.
"These orders reflect the initial success of our marketing efforts in North America, which is a region that has more old fields and thus providing more market opportunities for our proppant products," said Mr. Shunqing Zhang, Chairman, CEO and President of China Gengsheng. "We are excited by the prospect of strong exports of our proppants going into the next year."
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