CALGARY, ALBERTA--(Marketwired - May 21, 2014) - Genoil Inc. (OTCBB:GNOLF) and Haiyitong Inc ("HYT") which is a division of Hebei Zhongje Petrochemical Group, Ltd. in China, have extended their agreement with binding features till the end of the year.
HYT has requested the Genoil delegation to come to China immediately to discuss the implementation of the 19,508 barrels per day upgrading project.
According to our present extended agreement, Genoil is to receive ten percent of the profits from the operation. In the event of a sale of the project, Genoil will receive ten percent of the proceeds. Estimated cost of the project will be around $180 million USD.
Bruce Abbott the company's new President & C.O.O. said: "This is a very significant project for Genoil and for China. A substantial portion of the financing is available in China. The appreciation of the Renminbi means the profits, once converted back into US dollars, will be more."
David Lifschultz, the Corporation's Chairman and Chief Executive Officer, said: "This Chinese project is part of our general effort in China to supply heavy oil converted to light oil for the Chinese economy, and we are presently in talks with heavy oil suppliers to convert their heavy oil to light for China."
Genoil Attends Posidonia:
Genoil will also be at Posidonia Exhibition 2014 in Athens Greece, one of the largest commercial marine trade shows in the world. The chief inventor of the Crystal Sea, Paul Costinel, will be there to field customer questions and meet with Donghwa. Attendees may visit the Genoil at the Bogdanos Marine located in hall 2 booth #505 from June 2nd to 6th. Donghwa Entec will be attending the show as well.
Genoil Inc. is an international engineering technology development company based in Alberta, Canada with offices in the USA, Sweden, Bosnia, UAE, Saudi Arabia that has pioneered an efficient oil desulfurization upgrading technology, oil and water separation and technologies, for the oil and gas and marine industries. Genoil has 147 acre land holdings in Two Hills Canada with 2500 acres of mineral rights and a large design test facility. Genoil has a partnership in the United Arab Emirates with the first born son of Khalifa bin Zayed Al Nahyan, who is the ruler there. The company is called Genoil Emirates. Genoil also has a relationship with a large EPC contractor.
ADVISORY: Certain information regarding the company, including management's assessment of future plans, contact values, completions dates, operations, profitability and the uses of the company's technology, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas technologies, production, refining, marketing and transportation such as loss of market, volatility of prices, environmental risks, competition from other technologies, the effectiveness of the company's technologies and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.