Lanzhou Institute of Petroleum Machinery is a core supplier of petrochemical equipment for PetroChina, Sinopec and CNOOC. On December 30, the institute was officially restructured and introduced strategic investors to become Gansu Lanke Petrochemical High-tech Equipment Co., Ltd.
According to Yue Heng, director of the original Lanzhou Petroleum Machinery Research Institute, the newly established Gansu Lanke Petrochemical Hi-tech Equipment Co., Ltd. is a modern hi-tech enterprise with diversified state-owned holding rights. The registered capital of the company is 200 million yuan. It is expected to begin stock listing in January 2009. Xu Jian, president of China National Machinery Industry Corporation, stated that Gansu Lanke Petrochemical Hi-tech Equipment Co., Ltd. is a joint-stock company to be listed by the China National Machinery Industry Corporation. He hopes that Gansu Lanke can strive to get listed on the Shenzhen Stock Exchange of the China Securities Regulatory Commission as soon as possible.
The company's predecessor, the Lanzhou Petroleum Machinery Research Institute, is the industrial technology research institution of the national oil drilling machinery and oil refining and petrochemical equipment. It was established in May 1960. In the past 50 years since its establishment, Lanzhou Institute of Petroleum Machinery has contributed more than 990 scientific and technological achievements to the country, including 3 national invention awards, more than 160 provincial and ministerial scientific and technological progress awards, and 46 patents. It has developed the first direct-current electric drilling rig in China. For drilling equipment, the first set of 1 million tons/year refinery and the first 5 million tons/year oil refinery were optimized. At the same time, this institute also provided the first set of domestic oil-gas water separation equipment for China's offshore oil platforms.
The newly established Gansu Lanke Petrochemical High-tech Equipment Co., Ltd. is mainly engaged in oil drilling and mining machinery, oil refining and chemical equipment, offshore oil equipment and engineering, oil refining, chemical and natural gas processing and liquid recovery engineering and related engineering design and general contracting business. At present, the company has eight shareholders, namely: China National Machinery Industry Corporation, Ocean Petroleum Engineering Co., Ltd., China United Engineering Corporation, China National Engineering and Agricultural Machinery Import and Export Corporation, Zhejiang Xinda Group Co., Ltd., and Shanghai Development Investment Co., Ltd. Company, Panjin Huaxun Petroleum Complete Equipment Co., Ltd., China Pufa Machinery Industry Co., Ltd.

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