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Harvest Secures Funds for FRP Pipe Production Expansion

17 July 2008

Hanwei Energy Services’ subsidiary, Daqing Harvest Longwall High Pressure FRP Pipe Co will expand its annual FRP pipe production from the 3,200 km to 4,600 km.

The expansion will include a total of up to eight new lines, as well as facilities to develop larger diameter high pressure FRP pipe to be used in a wider scope of potential applications including down hole oil field casing, petrochemical plants, and fire protection systems. The estimated budget for the additional lines, building, and facilities is RMB35 million (or approximately $5.2 million) with completion and commissioning expected in the third quarter of 2008.

The increased production capacity is being added to satisfy growing demand for Hanwei's FRP products in China and Kazakhstan. The Company currently has over RMB170 million (or approximately $25 million) of confirmed pipe sales orders.

""Demand for our FRP pipe continues to outpace our production capacity,"" stated Fulai Lang, President and CEO of Hanwei. ""With the funding in place for our expansion in Daqing and a very strong order book, we expect to meet or potentially exceed our 70% annual sales growth target for our FRP pipe business.""






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