Press Releases

Operations Update

28 Jan 2015

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GREKA ENGINEERING & TECHNOLOGY LTD
("Greka Engineering" or the “Company")
 
 
Greka Engineering & Technology Ltd. (AIM:GEL), the unconventional gas sector engineering and technology business with pipeline, gas compression and power generation assets in China, announces the following operations update for the second half of 2014.
 
Gas Compression  
 
Full year 2014 gas processed was 1,116,604 thousand cubic feet (31.6 million cubic meters), a 6% decrease over 2013 (1,186,863 thousand cubic feet / 33.6 million  cubic metres), of which:
 
o    Sales volume of  977,965 thousand cubic feet (27.7 million cubic metres), a 9% decrease over 2013 (1,038,263 thousand cubic feet / 29.4 million  cubic metres)
o    Self-consumption volume of 138,639 thousand cubic feet (3.9 million cubic metres)
 
Gas processed in H2 2014 was 568,467 thousand cubic feet (16.1 million cubic metres), a 7% decrease over H2 2013 (611,382 thousand cubic feet/ 17.3 million  cubic metres)
 
o    Sales volume was 500,245 thousand cubic feet (14.1 million cubic metres)
o    Self-consumption volume was 68,222 thousand cubic feet (2 million cubic metres)
 
No lost time due to injury or accident in 2014
 
 
Power Generation
 
Electricity generated in H2 2014 was 6,786,267 kwh (H2 2013: 7,439,125 kWh) and 13,853,460 kwh in 2014, of which:
 
o    Sales volume in H2 2014 was 5,429,281 kwh and full year 2014 was 10,915,738 kwh, a 2% increase over 2013 (10,714,823 kwh)
o    1,356,986 kwh and 2,937,722 kwh was consumed for operations in H2 2014 and full year 2014 respectively
 
No lost time due to injury or accident in 2014
 
Infrastructure
 
4.9km of gas gathering pipeline was constructed in H2 2014, 4.9km total in 2014
 
41.9km of well gas gathering pipeline at the end of 2014 (2013: 37.0km)
 
1.3km of power lines built in H2 2014 (H2 2013: 0.50km) 3.8km total in 2014
 
71.8km of power lines at the end of 2014 (2013: 68.0km)
 
No lost time due to injury or accident in 2014
 
Manufacturing
 
Total sales of 123 gas station refuelling equipment items in 2014, a 9.6% decrease on the 136 sold in 2013
 
Sales of 59 gas station refuelling equipment items in H2 2014
 
Addition of 43 new customers during 2014, a 43% increase over the 30 new customers added in 2013
 
A total of 150 customers in China at the end of 2014, an 40% increase over 107 customers in 2013
 
No lost time due to injury or accident in 2014
 
 
Randeep S. Grewal, Executive Chairman of Greka Engineering, commented:
 
"It continues to be clear that Greka Engineering & Technology offers comprehensive solutions to companies looking to take advantage of the opportunities offered by the rapidly growing unconventional gas market. We continue to be focused on creating a ‘one-stop-shop’ to the many entrants into the sector.”
 
 
For more information of Greka Engineering, please visit the Company’s website at: www.grekaengineering.com.
 
Contacts:
 
Greka Engineering
Betty Cheung, Director Corporate Affairs
+852 3710 0088
Smith & Williamson
Nominated Adviser
Dr Azhic Basirov / David Jones / Ben Jeynes
+44 20 7131 4000
RFC Ambrian
Broker
Charlie Cryer
+44 20 3440 6800
WH Ireland
Broker
Tim Feather
+44 113 394 6600
Walbrook
Media & Investor Relations
Paul McManus / Guy McDougall
+ 44 20 7933 8780
get@walbrookpr.com
 
 
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.