Genoil Inc.
OTCQB : GNOLF

Genoil Inc.

August 15, 2017 06:00 ET

Genoil Expands Engineering Team With Appointment of Catalyst Expert

CALGARY, ALBERTA--(Marketwired - Aug. 15, 2017) - Genoil Inc. (OTCQB:GNOLF), the publicly traded clean technology engineering company for the petroleum industry, today announced the appointment of Dr Victor Solovyev, a catalyst expert, as Project Manager for its engineering team. The expansion comes as interest in Genoil's desulphurisation technology is increasing rapidly with the global demand for cleaner energy.

Dr Solovyev's appointment to Genoil's engineering team comes at a time of real growth and opportunity for the company. This is in line with global demand for cleaner energy and low sulphur products, with a particular focus on the marine market, when the global sulphur cap is implemented in 2020 requiring all commercial vessels to burn fuels with a sulphur content of less than 0.5%.

In May 2017, the company announced compelling economics for its proprietary technology, the Genoil Hydroconversion Upgrader (GHU), for installations alongside refinery infrastructure in major bunkering hubs at a significantly reduced cost. The GHU, which converts heavy crude oils and refinery residual products into cleaner, lower-emission fuels, can produce one million tonnes per year of compliant low sulphur fuel oil, and provide a return-on-investment in as little as three months.

Bruce Abbott, COO of Genoil, commented: "As the 2020 global sulphur cap looms, the level of interest in Genoil's Hydroconversion Unit has risen markedly. As an accomplished engineer, Dr Solovyev brings a great depth of knowledge and experience in catalyst design that is critical to the continued development and implementation of our GHU technology. His expertise further strengthens our engineering team and provides real strategic value for Genoil, as we deliver against our growth plans."

Dr. Solovyev has extensive knowledge and experience in the field of petrochemicals and refining process operations. Prior to joining Genoil, he worked with organisations including Shell Global Solutions, where he was the Technical and Commercial Manager of CRI Catalyst in Moscow. Dr. Solovyev also worked for JSC "ASTERIA", as the Technical and Commercial Director in Petrochemicals, and JSC "VNII NP" (All Russian Research Institute of Oil Refining), where he was the Head of Petrochemicals Laboratory. In his most recent role, Dr. Solovyev served as Project Manager for petrochemical & refining processes with LLC Energy and Engineering.

With a PhD in chemistry from the National Academy of Sciences, Dr. Solovyev has authored over thirty technical and scientific papers in key industry journals including "Petrochemistry" and "Kinetics and Catalysts".

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 sulphur 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 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.

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