Sunpower seals $4.2m deal with Yanchang Petroleum

It will be for the supply of flare systems.

Singapore-listed energy solutions provider Sunpower Group has entered a deal with Beijing Petrochemical Engineering Co., Ltd. to supply flare systems to Shaanxi Yanchang Petroleum Yan’an Energy and Chemical Co., Ltd. (SYPYEC), a wholly-owned subsidiary of Shaanxi Yanchang Petroleum (Group) Co., Ltd.

The deal was awarded to the group's wholly-owned subsidiary, Jiangsu Sunpower Technology Co., Ltd., at $4.2 million.

Under the deal, the group will supply three flares with maximum diameter of flare head and tank at 1.8 to 5.6 metres, respectively.

"The flare systems will be used in SYPYEC’s Yan’an Coal-Gas-Oil Resources Integrated Utilization Project," the group said in a statement.

For Sunpower Group Chairperson Mr Guo Hongxin, the secured contract is a testament of the group's competence in the flare systems industry.

"With the national emphasis on energy-saving and environmental protection, we believe that there will be increasing demand for flare systems and energy-saving equipment,” he noted

He added, “Leveraging on our technological edge, we believe that the Group is poised to maintain its leading edge in the industry and continuously expand into new markets in order to secure more orders,” he said.

To recall, the group has also secured a contract to supply flare systems to SINOPEC Tianjin Liquefied Natural Gas Co. Ltd..

Hongxin believes this will have positive impact on the group's financial results for next year.