May 29, 2018 - 6:00 AM EDT
Print Email Article Font Down Font Up Charts

Genoil Receives Letter Of Satisfaction From Canadian Regulatory Authority Allowing Continuance Of The Corporation To Curacao

Genoil and Pemex agree on upgrading and desulfurization demonstration procedures for upcoming testing to be performed at UFA Scientific Research Institute of Petroleum Refining and Petrochemistry

NEW YORK / ACCESSWIRE / May 29, 2018 / Genoil Inc., (OTCQB: GNOLF) announced today that it has finally received a letter of satisfaction from Corporations Canada approving Genoil's move to Curacao.

Genoil intends to now take all necessary steps to continue the corporation to Curacao on a timely basis. This continuance has been planned for some time, as it will allow Canadian shareholders to once again trade Genoil stock. Curacao has a reputation as being one of the best jurisdictions and has one of the largest NY Stock Exchange energy company domiciled there. The Curacao jurisdiction will help Genoil to do business throughout the world, save on taxes, and still be located in an important energy center. Curacao offers global companies protection from political risks associated from doing business in different areas of the world.

The move to Curacao is timely as things are progressing in Russia and Mexico. Genoil and Pemex have recently agreed on a demonstration test program at Genoil's engineering headquarters in Russia hosted by the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry in Bashkortostan, to test the Pemex heavy crude oil. The company's testing procedures have been developed by Raushan Telyashev and Viktor Solovyev. Raushan, formerly General Director of all Research and Development at Lukoil, was responsible for over eight hundred engineers at Russia's number two oil company. The test includes, preparation of catalyst, loading procedures, catalyst activation, temperatures, pressures recommended by Genoil's new catalyst partners, feed rates, analyses and conclusions.

Genoil believes that the Pemex heavy crude oil test results will exceed the most recent Genoil demonstration tests done with the cooperation of China Petroleum Engineering and Construction Company (CPECC), a division of CNPC and yield improved hard data to expand a relationship with the largest EPC company in the world, one who has the necessary size to construct a large scale commercial Genoil GHU project in Mexico. CPECC is already deeply familiar with the Genoil Hydroconversion Upgrading process.

Testing is expected to commence within the next thirty days as Pemex has needed time to dispatch their engineers outside of the continent to Russia, something not typically done by their company. Additionally, Genoil is coordinating with the leading international provider of classification, compliance and consultancy services to the marine and shipping industry, based in the United Kingdom. This firm has also expressed interest in witnessing a Genoil demonstration test at UFA and has requested a copy of the demonstration program recently developed by Mr. Telyashev and Mr. Solovyev.

David Lifschultz; Chairman of Genoil stated, "Both are very significant milestones for Genoil as we prepare to become an international presence in a changing oil industry as global demand rises for lower sulfur crude oil and fuels to meet more stringent environmental regulations including International Maritime Organization 2020 specifications". Mr. Lifschultz continued, "Genoil expects its Hydroconversion Upgrader to be the leading choice of both upstream and downstream energy sectors including the Maritime Industry for compliance". "With the participation and support of the leading provider of classification, who is instrumental in shaping the industry's future through the development of novel and innovative technologies, we feel this will be a successful strategy to implement Genoil's solutions to meet upcoming IMO low sulfur fuel legislation."

About Genoil Inc.

Genoil has developed a proprietary, state of the art advanced hydroconversion process technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean crude which yields a higher light end product slate which produces clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a well-known and proven desulfurization process, proven on feedstocks ranging from crude oil to Naptha.

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 sulphur oil for a very low cost. 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 sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.

The UFA Scientific Research Institute of Petroleum Refining and Petrochemistry:

The State Unitary Enterprise "Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan" is located in the Republic of Bashkortostan, Russian Federation. The state of the art Institute has more than 60-years' experience in the field of hydrocarbon processing technologies and well recognized by the Industry. UFA is the only 100% governmentally owned institute specializing in refining and heavy residue processing.

About: OJS "VNIIUS" Institute in Kazan:

VNIIUS is one of the leading research institutes in Russia in the field of production and consumption of hydrocarbon feed. With 50-years of experience in practical work allows us to render assistance to oil and gas producing companies, to oil and gas processing companies and also to companies of deep oil processing and sulfur recovery. VNIIUS has cooperated with Chevron and over one hundred different companies from around the world.

For more information please contact:

David Lifschultz
Tel: 212 688 8868
Email: [email protected]

SOURCE: Genoil Inc.


Source: ACCESSWIRE (May 29, 2018 - 6:00 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice