Chinese banks will finance the 3.5 MMBOPD project with heavy oil upgraders
Calgary-based Genoil Inc. (ticker: GNOLF), provider of upgrading technology for petroleum processing, has signed a letter of intent (LOI) for $50 billion worth of projects in Russia and Chechnya.

The engineering company said it will develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia in a press release Wednesday. The project is designed to produce 3.5 MMBOPD, adding to Russia’s output at a time when the country is producing...

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