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Genoil Produced Commercial Grade Low Sulfur Fuel Oil for a Shipping Client, Significantly Less Than IMO 2020 Sulfur Regulations

- Processing Confirms Earlier Data and Further Validates The Genoil GHU Technology
- Pemex Crude Oil Desulfurization And Upgrading is Currently Underway at UFA And Nearing Completion

ROTTERDAM, NETHERLANDS / ACCESSWIRE / October 3, 2018 / Genoil Inc. (OTC PINK: GNOLF) announces successful processing of IFO 380 marine fuel oil at our feedstock processing facility in UFA Bashkortostan. The processing was done for an undisclosed shipping company who is based in Norway and which operates a topping plant adjacent to a significant tank terminal in Rotterdam. The Genoil Hydroconversion technology produced commercial grade 0.39% LSFO (Low Sulfur Fuel Oil) from the marine fuel RMG-380 which originally contained a Sulfur level 2.01% by weight. The feedstock sample represents typical high sulfur heavy fuel oil (HSHFO) and contained refinery residues and cracked material. Genoil is using new and improved catalyst that considerably increases performance with much greater efficiency.

The data collected will support the engineering and design of commercial GHU facilities around the world. Genoil is currently arranging for further processing of additional crude oil and fuel oil for target projects currently being considered. To verify these LSFO results, additional demonstration runs are planned at UFA, one of which is for a leading provider of compliance, consultancy service and classification to the marine industry who will dispatch personnel to UFA to witness the processing of fuel oil in UFA. A fourth test will follow for a national oil company which currently has over one million barrels per day of heavy oil production.

The RMG 380 fuel oil processing yields and product quality has been confirmed and the results are as follows:

1. LSFO Sulfur level is 0.39% wt. (exceeding IMO 2020 regulations 0.5%)
2. High overall yield of desired fuel oil was achieved:

a) 94% wt. of marine fuel RMD-80
b) 92.3% wt. RME-180
c) 87.2% wt. RMG-380 plus 6 - 7% wt. DMX (light gasoil cut 200-250оС has sulfur content ~0,019% wt., Viscosity at 40°С ~1,8 сSt, Density ~849 kg/m3.

3. Gasoline cut IBP-200оС yield ~4% wt. Sulfur ~ 0,010 - 0,021 % wt.

Dr. Raushan Telyashev Senior Vice President of Genoil stated ''The Genoil GHU Technology is robust enough to cope with such difficult cracked materials and residues such as fuel oil. We now have proven GHU technology can process a wider range of different feedstocks for many different GHU applications.''

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.

FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,'' ''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.

For more information please contact:

David Lifschultz
Tel: 212 688 8868
Email: dklifschultz@Genoil.com

SOURCE: Genoil Inc.