CALGARY, ALBERTA--(Marketwired - Feb. 15, 2017) - Genoil Inc. (OTCQB:GNOLF), the publicly traded clean technology engineering company for the petroleum industry, today announced the appointment of Raushan Telyashev as Vice President of Genoil Middle East.
Raushan Telyashev has a wealth of experience in the oil and gas industry prior to joining Genoil. Mr. Telyashev worked at Lukoil where he was deputy head of the department of construction, in charge of the execution of projects, and General Director of their design and research institute.
Mr Telyashev was also manager of the petrochemical group of Shell companies. Most recently he has been General Director of LLC "Energy and engineering". Mr. Telyashev is the published author of many scientific and technical articles and patents, as well as being a member of a number of committees and councils, including the Skolkovo scientific and technical council of the Russian Federation's governmental industry development fund. In 2016 he was honoured with the certificate of appreciation from the Deputy Head of the Energy Council of the Parliament of the Republic of Iraq.
He joins Genoil as the company expands and develops its operations in key strategic locations, including Russia and the Middle East. In April 2016, Genoil announced, in conjunction with consortium partner Beijing Petrochemical Engineering Co Ltd (BPEC), the receipt of a $5 billion Letter of Intent (LOI) for the funding of a 500,000-barrels per day (bpd) desulfurization and upgrading project located in the Middle East.
Genoil's proprietary technology is the Genoil Hydroconversion Upgrader (GHU), an advanced upgrading and desulphurization technology, which converts heavy or sour crude oil into much more valuable low Sulphur oil, for a low cost. Genoil's innovation improves upon the existing data-verified Fixed Bed Reactor technology, which is widely used worldwide. Currently, 85% of all desulphurisation is taking place worldwide via hydroconversion. Genoil's technology, an investment into hydroconversion projects, can help further desulphurise fuel in order to be compliant with global 2020 legislation. Furthermore, it significantly increases the desulphurisation, demetalisation and denitrogenisation conversion rates, and increases operating efficiencies by 75%.
Bruce Abbott, COO of Genoil, said: "The Middle East is naturally a critical market for Genoil, which is currently experiencing significant transformation on the back of volatile crude markets, and the demand for cleaner products within the fuel supply chain. Mr. Telyashev is hugely respected and has a wealth of experience, in conjunction with a detailed knowledge of our proprietary technology and the current market conditions. He is therefore perfectly placed to develop our business position in the region."
Mr. Telyashev will be based in the Middle East & Russia.
The appointment highlights the company's commitment to continued growth and development in expanding its business and developing partnerships with key stakeholders. In February 2017, Genoil announced the signing of a Memorandum of Understanding with one of the world's leading physical marine fuel suppliers, the Bomin Group, to collaborate on developing low sulphur fuel oil products for the shipping industry.
About Genoil Inc.:
Genoil is a publicly traded Canadian clean technology engineering company for the petroleum industries. Genoil is headquartered in Edmonton Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta Romania, and Dubai & Abu Dhabi. Genoil's has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site in Alberta, Canada.
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 sulfur oil for a very low cost. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.
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 sulfur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analyzed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.