Analyze the relationship between 'water treatment' and 'water' within the context of the input sentence.
Options: operator, product/material produced, headquarters location, location of formation

As opposed to operating as a systems provider, LiqTech and our partners saw an opportunity to capture increasing share of economics by working together to build out and operate large water treatment systems and work with large oil and gas producers to create long-term water supply agreements.
product/material produced