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Honghua Signed a RMB 50M New Agreement with PetroChina’s Subsidiary

Chengdu, November 27, 2019 – Honghua Group Co., Ltd. ( “Honghua” or the “Group”) (0196.HK), the world’s leading onshore oil and gas equipment manufacturer, signed an agreement with the subsidiary company of China National Petroleum Corporation. Honghua will be the general contractor for all-electric fracturing engineering of a shale gas development platform in Changning, Sichuan Province, China. The total amount of the agreement exceeds RMB 50 million yuan.

According to the agreement, the all-electric fracturing project adopts the full set of shale gas development and fracturing equipment developed by Honghua, including the 6000HP electric fracturing pump, electric and sand mixing skid, electric fluid supply skid and the smart command and control center.

Through independent R&D and industry cooperation, Honghua is actively exploring the shale gas reservation in China. Honghua adopts the strategy with synergy created by equipment and services business. Honghua will leverage its competitive advantages to achieve a long-term growth in the market.

                                              

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The President of Honghua Group, Zhang Mi, said, “the agreement is Honghua’s first general contract for shale gas fracturing engineering. It marks that Honghua has fully expanded its business scope from a single pumping service to a full-set electric fracturing services. It also shows clients’ recognition on Honghua’s electric fracturing products and contracting services. Honghua will strengthen its professional abilities and impacts to secure more strategic opportunities in working with other leading firms in the petroleum service industry.”

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In July, Honghua provided full-set electric fracturing equipment to clients in Weiyuan in Sichuan Province and Yongchuan in Chongqing. Currently, Honghua is the only enterprise capable of large-scale commercialized electric fracturing services. It is also the only Chinese-funded enterprises with integrated solutions in the shale gas field that can use self-developed core equipment to provide shale gas drilling and fracturing in addition to PetroChina, Sinopec and CNOOC.