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Industrial Materials: China GengSheng Wins Petroleum Contract

June 10, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — China GengSheng Minerals, Inc. (AMEX: CHGS), a China-based industrial materials manufacturer, said that it has secured a contract with China National Petroleum Corp. worth around $4.6 million, for its fracture proppant products. Product shipments under this contact and revenue recognition are scheduled to begin during the second quarter of 2010 and continue through the forthcoming twelve months.

Shunqing Zhang, GengSheng's CEO, said, "This contract marks an important milestone to establishing long lasting business relationships with state-owned enterprises in the oil and gas sector." Zhang also said that growing the company’s fracture proppant business advances China GenSheng’s strategy to supplement its revenue stream from the company’s core refractories product line and improve its margin profile through the sale of higher margin proppant products.

CNPC is China's largest oil and gas producer and supplier, as well as a major oilfield service provider and a contractor in engineering construction. The company has a presence in almost 70 countries, and is seeking an even greater international role.

China-based China GengSheng Minerals develops, manufactures and markets a range of industrial material products, including monolithic refractories, industrial ceramics and fracture proppants

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