Genoil's proprietary technology the Genoil Hydroconversion Upgrader (GHU), an advanced upgrading and desulphurization technology, which converts heavy or sour crude oil into much more valuable low sulpher oil, for a low cost. Genoil's innovation improves upon the existing data-verified Fixed Bed Reactor technology, which is widely used worlwide. Currently, 85% of all desulphurisation is taking place worldwide via hydroconversion. Genoil's technology, an investment into hydroconversion projects, can help further de sulphurise fuel in order to be compliant with global 2020 legislation. Furthermore, it significantly increases the desulphurisation, and denitrogenisation conversion rates, and increases operating efficiencies by 75%.
Genoil's shares are listed on the OTCQB MARKET GNOLF.
Genoil appoints Vice President of Middle East to drive business development and growth
CALGARY, ALBERTA--(Marketwired - Feb 15, 2017) - Genoil Inc. (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, today announced the appointment of Raushan Telyashev as Vice President of Genoil Middle East.
Raushan Telyashev has a wealth of experience in the oil and gas industry prior to joining Genoil. Mr. Telyashev worked at Lukoil where he was deputy head of the department of construction, in charge of the execution of projects, and General Director of their design and research institute.
Mr Telyashev was also manager of the petrochemical group of Shell companies. Most recently he has been General Director of LLC "Energy and engineering". Mr. Telyashev is the published author of many scientific and technical articles and patents, as well as being a member of a number of committees and councils, including the Skolkovo scientific and technical council of the Russian Federation's governmental industry development fund. In 2016 he was honoured with the certificate of appreciation from the Deputy Head of the Energy Council of the Parliament of the Republic of Iraq.
He joins Genoil as the company expands and develops its operations in key strategic locations, including Russia and the Middle East. In April 2016, Genoil announced, in conjunction with consortium partner Beijing Petrochemical Engineering Co Ltd (BPEC), the receipt of a $5 billion Letter of Intent (LOI) for the funding of a 500,000-barrels per day (bpd) desulfurization and upgrading project located in the Middle East.
Genoil's proprietary technology is the Genoil Hydroconversion Upgrader (GHU), an advanced upgrading and desulphurization technology, which converts heavy or sour crude oil into much more valuable low Sulphur oil, for a low cost. Genoil's innovation improves upon the existing data-verified Fixed Bed Reactor technology, which is widely used worldwide. Currently, 85% of all desulphurisation is taking place worldwide via hydroconversion. Genoil's technology, an investment into hydroconversion projects, can help further desulphurise fuel in order to be compliant with global 2020 legislation. Furthermore, it significantly increases the desulphurisation, demetalisation and denitrogenisation conversion rates, and increases operating efficiencies by 75%.
Bruce Abbott, COO of Genoil, said: "The Middle East is naturally a critical market for Genoil, which is currently experiencing significant transformation on the back of volatile crude markets, and the demand for cleaner products within the fuel supply chain. Mr. Telyashev is hugely respected and has a wealth of experience, in conjunction with a detailed knowledge of our proprietary technology and the current market conditions. He is therefore perfectly placed to develop our business position in the region."
Mr. Telyashev will be based in the Middle East & Russia.
The appointment highlights the company's commitment to continued growth and development in expanding its business and developing partnerships with key stakeholders. In February 2017, Genoil announced the signing of a Memorandum of Understanding with one of the world's leading physical marine fuel suppliers, the Bomin Group, to collaborate on developing low sulphur fuel oil products for the shipping industry.
About Genoil Inc.:
Genoil is a publicly traded Canadian clean technology engineering company for the petroleum industries. Genoil is headquartered in Edmonton Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta Romania, and Dubai & Abu Dhabi. Genoil's has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site in Alberta, Canada.
About The Genoil Hydroconversion Upgrader:
The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulfur oil for a very low cost. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.
The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulfur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analyzed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
Genoil signs US$50 billion Letter of Intent to Develop and Construct Upgrading and Energy Projects in Russia and Chechnya
The project marks the second time Genoil will provide a complete solution, from oil field development through to production of 3.5m barrels per day of clean fuels
CALGARY, ALBERTA -- (Marketwired) -- 11/09/16 -- Genoil Inc. (OTCBB:GNOLF), the publicly traded clean technology engineering company for the petroleum industry, today announced the signing of a $50 billion Letter of Intent (LOI) to develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia. The project will incorporate Genoil's efficient clean technology hydroconversion (GHU) process, and mark the second time that Genoil will provided a complete integrated project, from the development of oil fields to the production of cleaner fuels. The scope of the project is to produce 3.5 million barrels per day.
Genoil's hydroconversion process improves upon the existing data-verified Fixed Bed Hydroconversion technology, which is widely used worldwide. Currently, 85% of all desulphurisation is taking place worldwide via hydroconversion. Genoil's investment into hydroconversion projects can significantly increase the desulphurisation, demetalisation and denitrogenisation conversion rates, and increase operating efficiencies by 75%.
In addition to the development of the oilfields and construction of the technology, the parties involved will also explore linking this new project to existing pipeline networks in the region. The finance will be provided in full from Chinese banks to the Russian companies involved.
As agreed in the LOI, Genoil will be responsible for the design and construction of six million tonnes per year of new refinery capacity in Chechnya. To facilitate this, Genoil will organise a large consortium of Chinese engineering and services companies, with many years of operational experience, to provide all the necessary support and project guarantees. In addition to project guarantees, Genoil will arrange for a leading Chinese insurance company to insure the entire project.
The LOI has been signed by the President of the Board of Directors of Grozneft, a former official in the administrative department of the Russian Federation. The Russian Government and the Ministry of Fuel and Energy of the Russian Federation, as well as other required ministries and departments will give their full support to this project to ensure timely completion. The project will be listed in a trade agreement, pact or cooperation agreement between Russia and China.
Thomas F. Bugg, Vice President of Genoil Canada, commented: "The negotiation of this LOI marks an important milestone from Genoil, demonstrating that we can act as a service provider as well as a technology provider. Building on our previous Letter of Intent from a Chinese bank in April of this year, this latest agreement further supports our commitment to develop sustainable energy sources, helping to solve the supply challenges we face now and in the future."
As with the project in the Middle East defined in the $ 5 Billion LOI signed in April 7, 2016(1). Genoil will be the master contractor in charge and in control of the project. Fuel produced from the projects will be exported to China through secured long-term contracts of up to 30 years.
(1) http://www.marketwired.com/press-release/consortium-genoil-beijing-petrochemical-receives-us5-billion-dollar-bank-letter-intent-otcbb-gnolf-2115242.htm
About Genoil Inc.:
Genoil is a publicly traded Canadian clean technology engineering company for the petroleum industries. Genoil is headquartered in Edmonton Alberta, with offices in Calgary, Sherwood Park, New York City, and around the world. Genoil's has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site in Alberta, Canada. David Lifschultz, who is CEO of Genoil, was a partner of President Elect Donald Trump in Lifschultz Industries (http://genoil.ca/wp-content/uploads/2016/11/July-27-1992-Fortune.pdf)
About The Genoil Hydroconversion Upgrader:
The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulfur oil for a very low cost. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.
The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulfur reducing the amount from 5.14 % to below 0.24%. This test was entirely monitored by Conoco Canada Ltd, who also took all samples and had them analyzed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
Georgey Routen
BLUE
T: 01865 514214
E: georgina.routen@blue-comms.com
Source: Genoil Inc.
OTCBB : GNOLF
 | Beijing Petrochemical Engineering Co Ltd
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April 15, 2016 07:08 ET
Consortium of Genoil & Beijing Petrochemical Receives US$5 Billion Dollar Bank Letter of Intent for Upgrading Project.
BEIJING, CHINA--(Marketwired - April 15, 2016) - Genoil (OTCBB:GNOLF) & Beijing Petrochemical Engineering Co Ltd (BPEC), a division of Shaanxi Yanchang Petroleum Group Company, are pleased to announce that they have received a $ 5 billion dollar (USD) letter of intent for an initial 500,000 barrel per day (bpd) upgrading project, to be situated in the Middle East. The letter of intent from one of the largest banks in China is to cover the initial project cost, and will be presented to a major party in the Middle East. For this project, the goal of the consortium is to develop 3.5 million bpd of upgrading capacity at a total estimated cost of $ 35-50 billion. Financing will be subject to a number of conditions and approval of the contract terms by all parties.
China is actively seeking investment opportunities around the world and Genoil has demonstrated ability in establishing connections with major national oil companies and government ministries. The GHU represents an opportunity for China to invest in environmentally friendly global energy projects, developing clean sources of low sulfur fuels for the global market. Another project for 1 million bpd is currently under consideration by a second national oil company. Additional funding for future projects will be considered on a project by project basis.
2015 Year End Audited Financials
Genoil has completed it's 2015 audited financial statement which is now available on EDGAR & SEDAR.
About the Genoil GHU Technology:
Genoil's field upgrader (GHU) is an environmentally friendly technology which reduces the carbon content of a barrel of crude oil while removing sulfur and nitrogen that cause greenhouse gases. The GHU economically (up to 75% less OPEX & CAPEX than existing processes) converts heavy crude oil, bitumen, atmospheric residues, and vacuum residues into a lighter crude so that it can be transportable by pipeline without the aid of diluent making it compatible for refineries. The GHU increases the yield of light products and decreases the residual portion of a heavy crude stream, producing a much more desirable refinery feedstock.
About BPEC:
BPEC was founded in 1979 and is a first class engineering company based in Beijing and its parent company is Shaanxi Yanchang Petroleum Group Corp Ltd.. BPEC currently has about 1200 employees and holds a class A qualification of engineering consulting and engineering design. The company has been mainly engaged in engineering consulting, engineering design, EPC, engineering technology development and other related business in the fields of refining, petrochemical, coal-chemical, natural-gas-chemical, oil and gas fields, storage and transportation, etc.
About Shaanxi Yanchang Petroleum Group Corp. Ltd.:
Formerly "Yanchang Oil Plant" founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located is an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the "twelfth five-year" period. In 2012, Shaanxi province became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons. They are also one of the largest producers of coal in China with 18 billion tons of coal reserves, and 300,000 bpd of oil production.
Forward-Looking Statements:
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
CONTACT INFORMATION
Genoil Inc.
Investor Relations
Suite 218, 1811 - 4th Street S.W.
Calgary, Alberta T2S 1W2 Canada
(587) 400-0249 / (914) 433-0304
www.Genoil.ca
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