September 5, 2018 - 6:00 AM EDT
Print Email Article Font Down Font Up Charts

Genoil to Begin Pemex Crude Oil Test in Russia and Discussions to Commence a Second Test Are Underway

MOSCOW, RUSSIA / ACCESSWIRE / September 5, 2018 / Bruce Abbott, President of Genoil Inc. (OTC PINK: GNOLF) Announced today that Genoil will begin testing of Pemex Heavy Crude Oil upgrading at our demonstration facility in Russia. Our engineers will activate the catalyst and will set up for the test which will commence on September 10, 2018. Genoil will also prepare for a second test in the near future.

David Lifschultz, Chairman & C.E.O. told investors on a recent conference call, September 10 will be a historic day as we begin a series of GHU feedstock test runs under the guidance of Raushan Telyashev, who was formerly in charge of all R&D at Lukoil Oil Company, the largest Russian oil company by capitalization.

"This new Mexican crude oil GHU tests will build on our existing technology models created from older tests and will provide us with a greater confidence in the range of the operating parameters we are assuming in our existing economic and kinetic models,'' said Bruce Abbott. ''These tests will provide consequential hard data that support our engineers, which will be helpful when we work toward completion of basic engineering designs for commercial facilities. Genoil has already done extensive testing on many crude oil feedstocks.''

The purpose of this feedstock demonstration is to establish the quality of the product for the rollout of GHU project in Mexico. The new president of Mexico has indicated that he will go in a much more progressive direction on energy with a primary goal of producing all refined products necessary for Mexico internally in the country rather than importing it from overseas. This GHU demonstration test will be to support the engineering and design of a large-scale commercial GHU facility currently under evaluation by Genoil, to be constructed in Mexico as well as other target project locations around the world. Genoil has been in discussions with several potential equity investors and EPC companies to finance an upgrading project which with IMO 2020 legislation coming soon is more needed than ever. Currently, Mexico exports no light crude oil and Platts is predicting heavy and sour crude oil feedstocks to fall in value against light oil low sulfur feedstocks.

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.

About 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: Beijing Petrochemical Engineering Company:

BPEC was founded in 1979 and is a first-class engineering company based in Beijing and its parent company is the fourth largest Chinese oil company, 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 in 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.

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 (September 5, 2018 - 6:00 AM EDT)

News by QuoteMedia

Legal Notice