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Non-Tech : Graham Corporation (GHM)

GHM 62.29

+0.1%

Oct 31 9:30 AM EST

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From: JakeStraw	1/11/2011 3:09:28 PM
	of 5

Graham Corporation Wins Two Ejector System Orders Valued at $4 Million finance.yahoo.com * Oil sands-related refinery order may be an early indication that downstream capital investments in North America have resumed * Order for refinery expansion in China is ninth win in four years * Orders in fiscal 2011 third quarter were $17.8 million James R. Lines, Graham’s President and Chief Executive Officer, commented, “It is encouraging to see a major U.S. refiner preparing its facility to process synthetic crude oil from the Alberta oil sands. Although measurable industry-wide investment had been made prior to the recession to prepare some existing facilities for the processing of Alberta synthetic crude, there has been minimal investment during the last few years. The Alberta oil sands represent the second largest proven concentration of oil in the world after Saudi Arabia. And, with 170 billion barrels of proven recoverable reserves, it is still at a very early stage of development with only about 7 billion barrels of oil recovered to date.” “Even though refinery-related activity has been slow in China for much of the past year, we believe that our strategy of early involvement in major projects led to our participation in the equipment selection process with this refinery. With this project award, we have won nine major refinery projects in China over the past four years. We are confident that we can build on this success as considerable distillation capacity is expected to be added in China over the next five years,” Mr. Lines noted.

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