Genoil recently signed a $50 billion LOI to develop energy projects in Russia and Chechnya. The LOI has been signed by the President of the Board of Directors of Grozneft, who was employed in the administrative department of the Russian Federation.
We also recently furnished a Middle Eastern client with a $5 billion LOI from a leading Chinese bank who is much larger than The World Bank Group to fund the development of 3.5 million barrels per day of new oil production.
There are 900 billion barrels of sour, medium, and heavy or high carbon content oil reserves which pose dangerous environmental hazards due to their high levels of impurities. Upgrading and removing the impurities from these crude streams is the world`s greatest environmental challenge and potential market opportunity estimated at over $45 trillion.