BEIJING, China, Jan. 11, 2016 /CNW/ - Genoil (GNOLF) & Beijing Petrochemical Engineering Company (BPEC), an engineering division of Shaanxi Yanchang Petroleum Group Corp Ltd. one of the four largest petroleum companies in China and a Fortune 500 Company with over $43 billion dollars in assets, and over $25 billion dollars a year in revenues, are pleased to announce they have signed a general alliance agreement for Genoil GHU projects, to provide EPC services and to develop sales and marketing for Genoil's GHU technology around the world. As part of the agreement, BPEC will be Genoil's EPC contractor, and will offer clients an EPC project and process guarantee for projects based on the Genoil GHU Technology.
Both parties have a combined strategy and strong willingness to finalize contracts and are pursuing Genoil leads with a joint marketing and sales effort inside and outside of China.
BPEC and Genoil's senior management are in regular contact with CEO's of many major oil companies, and we intend to support Genoil with joint presentations all around the world to contribute to finalizing sales.
"Yanchang Petroleum is climbing the Fortune 500 list, and rose from 430 to 380 this year, demonstrating their fast paced growth. BPEC brings project management and EPC experience to Genoil and enables us to execute any sized project. With their fast growth, we are very happy to have BPEC on our team," says Bruce Abbott.
BPEC was founded in 1979 and is a first class engineering company based in Beijing and its parent company is 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.
About Shaanxi Yanchang Petroleum Group Corp. Ltd.:
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 is 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.
Forward Looking Statements:
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
SOURCE Genoil Inc.
For further information: Genoil Inc., Investor Relations, Suite 218, 1811 - 4th Street S.W., Calgary, Alberta T2S 1W2 Canada, (587) 400-0249, (914) 433-0304