Greka Engineering & Technology Ltd Operations Update (3084O)

TIDMGEL

RNS Number : 3084O

Greka Engineering & Technology Ltd

08 February 2016

8 February 2016

Greka Engineering & Technology Ltd

("Greka Engineering" or the "Company")

Operations Update

Greka Engineering & Technology Ltd. (AIM:GEL), the unconventional gas sector engineering and technology business with pipeline, gas compression and power generation assets in China, is pleased to announce the following operations update for the year ended 31 December 2015.

Gas Compression

Full year 2015 gas processed was 1.4 Bcf (40 million cubic metres), as compared to 1.1 Bcf in 2014 (31.6 million cubic metres), of which:

-- Delivered volumes were 1.2 Bcf (35 million cubic metres), as compared to 0.98 Bcf in 2014 (27.7 million cubic metres)

   --     Consumed volume for power generation was 0.2 Bcf (4.9 million cubic metres) 

Power Generation

A total of 17,160 Mwh was generated in FY2015 which was 13,853 Mwh in 2014 and consisted of:

   --     13,361 Mwh of sales in FY2015 (2014 10,916Mwh) and 3,799 Mwh was utilized for operations 

Infrastructure

   --     27 km of gas gathering pipelines were constructed bringing a total of 68 km at year end 
   --     8 km of power lines built in 2015 expanding power network to 80 km 

Manufacturing

   --     Total sales of 47 gas station refueling equipment items in 2015 
   --     10 SCADA systems were sold in 2015 

Health, Safety and Environment

   --     No lost time due to injury or accident in 2015 across the 4 divisions 
   --     192,752 hours of incident free man hours recorded as of yearend 2015 

Randeep S. Grewal, Executive Chairman of Greka Engineering, commented:

"Greka Engineering continues its gradual expansion of the infrastructure as called upon from its clients. We continue to be focused on creating a 'one-stop-shop' to the many entrants in to the sector while concurrently committed to expanding our technological solutions within the unconventional gas production and distribution niche."

Contacts:

 
     Greka Engineering 
      Betty Cheung, Director Corporate Affairs           [phone] 
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     Smith & Williamson 
      Nominated Adviser and Broker 
      Dr Azhic Basirov / David Jones / Ben Jeynes        [phone] 
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About Greka Engineering & Technology

Greka Engineering & Technology Ltd., (AIM; GEL) was demerged from Green Dragon Gas Ltd. (AIM: GDG) via a dividend in specie and was admitted to trading on AIM in September 2013.

Greka Engineering offers turnkey solutions to over 100 upstream, midstream and downstream gas suppliers. The Company's technologies include Compressed Natural Gas/Liquefied Natural Gas (CNG/LNG) compressor equipment, CNG retail dispenser equipment and CBM wellhead extraction technologies. The Company also supplies proprietary Integrated Circuit Card Point of Sale (ICC POS) and Supervisory Control and Data Acquisition (SCADA) software and hardware solutions for the remote management of transmission systems, power facilities, vehicle management and retail services. In addition, the Company invests in, operates and maintains wholly owned assets for its customers in return for service contracts based on the volume management.

The Company has historically completed several Engineering, Procurement, Construction and Management (EPCM) contracts including the design, construction and management of gas gathering systems, a gas pipeline in Shanxi Province to the China West-East pipeline, the installation and commissioning of a 10MW gas-fired power facility in the Shanxi province and the construction of CNG retail stations.

For more information on Greka Engineering, please visit the Company's website at: www.grekaengineering.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 08, 2016 02:00 ET (07:00 GMT)