ROTTERDAM, NETHERLANDS / ACCESSWIRE / November 12, 2018 / Genoil Inc. (OTC PINK: GNOLF) announces additional successful processing run of IFO 380 marine fuel oil at our feedstock processing facility at the UFA Scientific Research Institute in Bashkortostan for a second client based in the United Kingdom. This time, results were better than last time, with the Genoil Hydroconversion technology (GHU) producing commercial grade 0.34% LSFO (Low Sulfur Fuel Oil) from the marine fuel RMG-380. The feedstock originally contained a Sulfur level of 2.01% by weight and also had possessed a lot of cracked materials. The GHU had a perfect yield of 92% and the company will announce further details about this run in the near future. This test brings Genoil GHU technology one step closer to global commercialization. The data collected from this demonstration run 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.
The UFA Scientific Research Institute has been working together with Genoil to market the GHU to several clients in Russia. Genoil had several meetings with Dmitry Sharonov who is the new director of the Institute. Dmitry is very positive about Genoil and supportive especially since Genoil brought a world leading internationally recognized consultancy company to the institute to witness the test and to tour the expansive state of the art facility. Dmitry is very well known in UFA and it is well known that his brother Andrei is a board of director of PAO Novatek Company and also is the Dean of the Moscow School of Management.
Genoil also received a critically needed supplier and contractor Certificate of Registration and evaluation from Petroleos Mexicanos which will allow Genoil to work with the National oil company of Mexico. The timing couldn't be better as the new administration is set to take office next week. The supplier qualification system was issued by Achilles on behalf of Pemex. Pemex has contracted Achilles' services, which will act as an independent third party, ensuring the management of the provided data and documents, in compliance with the Federal Law on Protection of Personal Data Held by Private Individuals. A copy of the certificate can be found at:
Genoil received a certificate from Pemex meaning that the registration and evaluation of Genoil as supplier and contractor has been completed by Pemex. It is essential for Pemex to ensure a procurement chain that is reliable, transparent and efficient, and that will allow the purchasing areas of Pemex to have more accurate and updated information of suppliers and contractors as well as their capacity to meet the requirements of the business areas of Pemex. Registration and evaluation of suppliers and contractors uses a standardized methodology of commercial qualification and financial risk, to facilitate decision making and mitigate potential risks in the procurement chain.
The State Unitary Enterprise ''Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan'' is located in the capital of the Republic of Bashkortostan, Russian Federation. This massive state-of-the-art Institute covers more than 12 hectares of land (30 acres) and has 20 research buildings on site. The institute employs about 500 engineers and staff and has a history of more than 60-years of experience in the field of hydrocarbon processing technologies and well recognized by the Industry. UFA is the number one institute in Russia and is funded by the government of Russia. The institute specializes in refining and heavy residue processing. 03.07.2018 on the basis of the Order of the Ministry of Land and Property Relations of the Republic of Bashkortostan No. 218 of 02.03.2018 the State unitary enterprise "Institute of Petroleum Refining and Petrochemistry of the Republic of Bashkortostan" was recently converted to a Joint-stock company Institute of Petroleum Refining and Petrochemistry (JSC INKhP).
Genoil Partner EPC 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.
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.
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.
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SOURCE: Genoil Inc.