On the afternoon of January 20, 2010, Taizhou Baorui Company signed a technology transfer agreement with Southwest Petroleum University worth 600,000 yuan, marking the official establishment of “Taizhou Baorui Oil Bit Research Centerâ€. After the operation of the research center, the research and development expenses and equipment investment will reach more than 3 million yuan.
Taizhou Baorui Petroleum Manufacturing Equipment Co., Ltd. is a private enterprise in Suchen Town, Hailing District, Taizhou City. It mainly produces petroleum drill bits, harmonic control cabinets, reactive power compensation devices and other products. It produces more than 100 kinds of petroleum drill bits, mainly sold to Saudi Arabia, Kuwait, Iraq and neighboring countries in the Middle East, and domestic oil fields such as Karamay, Tuha and Yumen. In 2009, tax sales reached nearly 30 million yuan.
In order to seize the commanding heights of the international and domestic oil drill bit market, the company has continuously increased its investment in science and technology, implemented a “school-enterprise marriageâ€, and actively sought cooperation with institutions and research institutes. Southwest Petroleum University Institute is the only research and development institution for petroleum drill bits in the country. After the establishment of “Taizhou Baorui Oil Bit Research Centerâ€, it will aim at domestic and international markets to develop oil drill bits with strong market competitiveness and develop domestic first-class brands. Striving for international famous brands, enhancing the scientific and technological content and competitiveness of their products, and making the higher-tech oil bites move toward a broader international and domestic market.
The company plans to successfully declare two national invention patent projects within one year, and has been established as a high-tech enterprise in Jiangsu Province within two years. It has achieved tax sales of more than 150 million yuan within three years.
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