ROCKVILLE, Md., March 30, 2010 (GLOBE NEWSWIRE) -- Telvent (Nasdaq:TLVT), the IT Company for a sustainable and secure world, announced today an upgrade and extension of information systems of the Qing-Tie Oil Pipeline (Daqing-Tieling) project managed by PetroChina Company Limited. The total value of this two-year contract is over € 3.7 million.
Telvent will upgrade critical Qing-Tie Pipeline infrastructure and nine existing control stations. As well, Telvent will control a new parallel pipeline system extension that is 216 Km long with three pump stations.
This pipeline is used to transport imported Russian crude oil to the PetroChina Group's refineries in northeastern China. Benefits include further increases in transportation volume capability, such as moving Russia and Daqing crude oil simultaneously. This project helps PetroChina securely respond to the unprecedented oil consumption growth in the country. As China's growth continues, rail routes are the only way to provide Russian crude oil to East Asia.
Telvent systems expertise and state-of-the-art OASyS supervisory control and data acquisition system will keep Qing-Tie pipeline running safely, steadily and efficiently. Centralized monitoring is located in the Shenyang Control center in North East China.
Manuel Sanchez, Telvent Chairman and CEO, said, "This contract further proves a partnership with PetroChina, to support the growing needs of the Chinese oil market."
The Daqing-Tieling contract allows a stable presence in PetroChina and provides good opportunity for further development of projects in oil pipeline field, and strengthens the relationship between Telvent and our customer, PetroChina.
About Telvent
Telvent (Nasdaq:TLVT) is a global IT solutions and business information services provider dedicated to helping improve efficiency and reliability of the world's leading companies. Telvent serves markets that are critical to the sustainability of the planet, including the energy, transportation, agricultural and environmental sectors. (www.telvent.com)
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