China Gengsheng Minerals, Inc., China-based technology company that makes its business through the British Virgin Islands-registered subsidiary Gengsheng International Corporation, announced that it has signed fracture proppant supply contracts with a distributor to supply oil fields in North America.
According to the contracts, the total value of which is $3.54 million, Gengsheng will start shipping fracture proppants – light, bauxite-based, grain-like material that has round and smooth surface and a quality of resisting high pressure and acid corrosion, immediately through the end of 2009.
Mr. Shunqing Zhang, Chairman, CEO and President of China Gengsheng Minerals, said in his comments that these orders reflect the initial success of company’s marketing efforts in North America, which is a region that has more oil fields, thus providing more market opportunities for the company.