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Efficient Shale Gas Development Equipment “Flexible Water Tank” Gained Positive Market Feedbacks

Helping to Build the Independence and Autonomy of Nation’s Energy

Honghua Group Ltd announce that by the end of Oct, 2018, Honghua has sold 57 sets of flexible water tanks exclusively developed by the Group, which gained positive market feedbacks. Flexible water tank is independently developed by Honghua; it is the first such product in the world and an important part of the company’s overall shale gas solutions. The product’s patent was awarded the "Outstanding Innovation Award" by the Polish Oil and Gas Exhibition and Technology Symposium and was sold in China as well as the U.S. markets.

Compared to ordinary water tanks, flexible water tanks can be folded during transportation, which means it can be delivered in less batches and saves the cost of construction work; less pipeline connections are designed to increase the reliability of flexible water tanks and to speed up the installation process. Users can remotely and centrally monitor the fluid level, which greatly improves the efficiency of use. The flexible water tank has a single tank capacity of up to 320m³, while the ordinary water tank’s capacity is only 45m³. Besides, the overall footprint of flexible water tanks is only 1/3 of that of ordinary water tanks. In addition to the significant increase of volume, land resources are also greatly saved with remarkable long-term comprehensive economic benefits, which greatly reduces operating costs for users.

The development of shale gas is of great significance for China to achieve energy independence and autonomy, and the market demand for natural gas is increasing. According to the "Shale Gas Development Plan (2016-2020)" issued by the National Energy Administration of China, China will strive to achieve 30 billion cubic meters of shale gas production in 2020. This provides a driving force for the continuous development of shale gas. Since 2013, Honghua has sold 149 sets of flexible water tanks domestically, providing strong support for the development of shale gas. In 2018, Honghua’s 210m³ flexible water tank was listed as the preferred product by customers in standardized configuration of fracturing equipment. It has laid a solid foundation for the future sales of Honghua’s flexible water tanks.

Honghua’s management commented, “the development of flexible water tanks is significant to the company's expansion of the shale gas market. Under the guidance of the overall solution for shale gas development and the concept of ‘Supported by distribution network; exploiting gas by using gas; simultaneously producing gas and electricity; assembly line manufacturing; industrial development,’ through joint research and innovation with underground drilling operations companies, flexible water tank products have achieved great success.