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China In-Focus: China Gengsheng Minerals Receives $5.5 Million Contract

new_deals_225px-w_bwMay 18, 2009 (FinancialWire) — China Gengsheng Minerals, Inc. (OTCBB: CHGS), a Chinese materials technology firm, said it has won a supply contract for fracture proppants with PetroChina’s Changqing Oilfield. The total value of the contract is $5.5 million, according to the company.

Fracture proppants are light, bauxite-based, grain-like materials that have a round and smooth surface and a quality of resisting high pressure and acid corrosion. They are used by oil and gas drillers to extract pockets of oil and natural gas scattered underground.

Gongyi, China-based China Gengsheng Minerals develops, manufactures and markets a range of industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. The company sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels.

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