(Source: Datamonitor)
Graham Corporation has announced that it has been awarded two orders valued at approximately $5 million for two ejector systems to be installed in oil refineries located in the Middle East and in the US Gulf Coast region.
Each ejector system will be used in the refining of base oils, which are primarily lubricating oils used in automobile, truck and other internal combustion engines to improve fuel economy.
The first order is expected to be shipped to a refinery in the Middle East in December 2009, while the second order is planned for shipment in Graham's fiscal fourth quarter ending March 31, 2010. Substantially all of the equipment will be produced in the company's Batavia, New York facility.
James Lines, Graham's president and CEO, said: "The increasing global demand for vehicles with higher fuel economy is driving the requirement for lubricants that reduce engine friction and heat, providing opportunities for Graham even in a weak economic environment.
"Despite current market conditions, we believe that the long-term demand for energy has not changed and that our pipeline for potential new orders remains robust."
A service of YellowBrix, Inc.
