CALGARY, ALBERTA--(Marketwired - Feb. 13, 2017) - Genoil Inc., (OTCQB:GNOLF), the publicly traded clean technology engineering company for the petroleum industries, today announced the signing of a Memorandum of Understanding (MOU) with the Bomin Group, a leading global physical supplier and trader of marine fuel, for a potential collaboration to develop low sulphur fuel products compliant with the International Maritime Organization's (IMO) newly announced global low sulphur fuel regulations.
The MOU sees the two companies confirm their mutual intent to provide a framework, which will aim to develop a co-operation agreement to supply the market with compliant low sulphur products, utilising Genoil's technology, in conjunction with Bomin's global physical supply and storage infrastructure.
Genoil's proprietary technology, the Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery residual products into cleaner, lower emission energy. The GHU removes sulphur from Heavy Fuel Oil (HFO), without altering the quality, and turns it into compatible and more cost-effective low sulphur fuel oil, compliant with new MARPOL Annex VI regulations, which mandates the use of fuel with a sulphur content of less than 0.5% globally from 2020. Genoil's innovation improves upon the existing data-verified Fixed Bed Reactor technology, which is currently used in nearly 85% of the world's reactors. A Genoil GHU unit can be placed in locations including receiving terminals, pipelines and ports.
Bruce Abbott, President and Chief Operating Officer, Genoil Inc., commented:
"With the 2020 global sulphur cap now confirmed, we are delighted to explore this potential partnership with Bomin Group, and test the market opportunity for 0.5% low sulphur fuel oil. We believe that our technology can provide the market with cheaper, compatible and compliant fuel products, at a time when there are real concerns within the industry over the supply and cost of distillates, and other solutions. Bomin's global infrastructure and network, and their expertise in physical supply and storage makes them an ideal partner to explore this opportunity."
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 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.
The Bomin Group has been active in the bunker business for 40 years via its subsidiaries and is one of the world's leading independent suppliers and traders of marine fuel. The business portfolio covers activities ranging from the supply of bunker fuels to lubricants and other services to the shipping industry. Bomin is 100% owned by Mabanaft.