Gulf Resources, Inc., a leading manufacturer of bromine, crude salt and specialty chemical products in China, announced that the companyâ€™s wholly-owned subsidiary, Shouguang Yuxin Chemical Industry Co., Limited (â€œSYCIâ€) on March 3, 2009 signed an agreement with Kuerle City Xingdong Trading Co., Ltd. (â€œXingdongâ€), a distributor of additive materials for oilfields in Xinjiang autonomous region, to deliver environmentally friendly chemical products valued at approximately $7.5 million.
According to the purchase order, Gulf Resources will deliver 2,500 metric tons of environmentally friendly polyether lubricant, and 1,500 metric tons of environmentally friendly solid lubricant. While this purchase order is a monumental accomplishment for Gulf Resources, the company has been making steady strides to gain recognition in the market place.
In September 2008, Gulf Resources, through SYCI, began formal production at its new chemical production line with 5,000 metric tons of annual capacity of environmentally friendly additive products, including solid lubricant and polyether lubricant, for use in oil and gas exploration. That same month, SYCI received an initial three-month purchase order from Xingdong to deliver 800 metric tons of its environmentally friendly oil and gas exploration additive products worth a total of $1.6 million. The Companyâ€™s environmentally friendly oil and gas exploration chemical products generated a gross profit margin of approximately 42% in 2008.
With the economy being in such turmoil, the fact that Gulf Resources continues to show profits and has steadily built relationships in the marketplace shows that this young company may soon become a household name. Gulf Resources is proving that their company is a wise investment and a loyal friend to the environment. Gulf Resources is definitely a company to keep an eye on in the near future.