Hanwei Signs Definitive Agreement to Acquire CNPC's Interest in Harvest

Vancouver, BC, December 10, 2008. Hanwei Energy Services Corp. ("Hanwei" or the "Company") announced today that it has signed a binding agreement (the "Agreement") with Daqing Changyuan Investment Co. Ltd. ("Changyuan"), an indirect subsidiary of China National Petroleum Corp. (CNPC), the parent company of PetroChina Co., Ltd., to acquire the remaining 8.925 percent equity interest in Daqing Harvest Longwall High Pressure Pipe Co. Ltd. ("Harvest") for RMB 25.7 million ($4.7 million). Hanwei currently owns a 91.075 percent equity interest in Harvest. Hanwei and Changyuan are in the process of settling the treatment of Changyuan's minority interest in Harvest's earnings since August 2007 when the acquisition was first contemplated. The acquisition is expected to be immediately accretive to net income, since Hanwei will fund the acquisition from cash on hand, internally generated cash flow, and existing debt facilities.

Hanwei has received all required government and regulatory approvals for the acquisition, with the exception of revising Harvest's business license to reflect Hanwei as the sole owner, which will be granted once the acquisition has closed.

With the acquisition, Hanwei will own 100 percent of China's largest fibreglass reinforced pipe (FRP) manufacturer with an estimated market share of 55 percent. Hanwei recently announced that it has increased its annual production capacity by 44 percent to 4600 kilometres per annum, and expects sales to grow by 70 percent in 2008. CNPC remains Hanwei's partner for FRP pipe in export markets in Kazakhstan and other Commonwealth of Independent States, and is expected to remain the Company's largest customer for FRP pipe.

"Changyuan was a founding investor in our FRP pipe business and CNPC related oil fields in China were our initial customers. While CNPC related oil fields have increased their purchases every year, in 2007 we started to expand internationally and to add new customers. In 2008, we introduced new larger diameter pipe products that can be applied to a wider range of oil, chemical and water applications. This acquisition is a reflection of our confidence in the future growth opportunities in China and international markets," commented Fulai Lang, president and CEO of Hanwei. "The acquisition of the remaining equity in Harvest will boost our top and bottom line performance, as we continue to strengthen our long and successful relationship with CNPC and its subsidiaries."

About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. provides high value products and services for the energy sector in China and the Asia region. Hanwei serves its major energy customers through manufacturing facilities in China, producing products for the oil, coal power and wind power industries. Hanwei is focusing on providing products and services that address the growing need for improved energy efficiency and environmental protection in China and the Asia region. www.hanweienergy.com


For more information please contact:
Kim Oishi
Senior Vice President of Finance and Business Development
416-804-9228
koishi@hanweienergy.com

Kevin O'Connor
Investor Relations
416-962-3300
ko@spinnakercmi.com


FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. The forward-looking information in this news release describes Hanwei's expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors or risks which could cause actual results or events to differ materially from a conclusion in such forward-looking information include the risks set out in Hanwei's Annual Information Form and Management's Discussion and Analysis referred to below, as well as the risks that the acquisition of the equity interest in Harvest may not complete. When relying on Hanwei's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Hanwei cautions that the foregoing list of material factors is not exhaustive and is subject to change. For additional information with respect to certain of these and other factors, refer to the risk factors section of Hanwei's Annual Information Form dated April 3, 2008 filed with Canadian securities regulators, and the risks discussed in Hanwei's Management's Discussion and Analysis dated November 14, 2008 for the three months and nine months ended September 30, 2008, both of which are available on SEDAR at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF HANWEI AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HANWEI MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.