Cleantech Solutions International Receives $2.2 Million in Orders for Oil Refinery Parts and Equipment
Cleantech Solutions International, Inc. (“Cleantech Solutions” or “the Company”) (NASDAQ:CLNT), a manufacturer of metal components and assemblies used in various clean technology and manufacturing industries and textile dyeing and finishing machines, announced that on November 28, 2014 it received a purchase order for a total purchase price of RMB13.3 million (approximately $2.2 million) from a subsidiary of China Petroleum and Chemical Corporation (“Sinopec”). The purchase order covers parts and equipment including heat exchangers, coolers, reboilers, condensers and prefractionating columns used in offshore oil refineries.
Pursuant to the purchase order, Cleantech Solutions has received an advance payment of approximately RMB2.0 million ($0.3 million), or 15% of the purchase price, will receive an additional 75% of the purchase price upon delivery, and will receive the remaining 10% within three months of delivery subject to successful installation and testing at the customer’s site. The Company expects to deliver the equipment in March 2015.
“This purchase order represents the first order we have received from the oil and gas industry since we became a certified supplier of parts and equipment to Sinopec and China National Petroleum Corporation (“CNPC”). We are pleased to extend our business into a new end market with favorable prospects for growth driven by environmental imperatives that encourage petroleum companies to reduce emissions and upgrade their facilities. We are hopeful that this order will be the first of many significant orders from the oil and gas industry as our reputation for supplying precision products to this sector grows,” said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions.