BEIJING, China, Jan. 25, 2016 /CNW/ - (OTC:GNOLF)
Genoil Upgrading News:
Genoil's top management has been invited to China at the request of one of their largest oil companies. Genoil has lined up financing for several upgrading projects from a major Chinese lender, that is subject to approval on a project-by-project basis. The purpose of these projects is to secure heavy oil resources to be converted into light using the Genoil technology for the Chinese market. The proposed financing has created interest and furthered discussions with several national oil companies, and their energy ministries, who have verified the intent of the bank. The cooperation has been strengthened by the recently announced guarantee of the Genoil GHU upgrading process by Beijing Petrochemical Engineering Company, a division of Shaanxi Yanchang Petroleum Group Corp – the fourth largest oil company in China.
Genoil & Xi'an Beigeng Energy Sign Agreement:
Genoil and Xi'an Beigeng Energy Technology Company, Ltd have signed an exclusive strategic alliance agreement to sell the Crystal Industrial Land Separators, of which the Chinese Market potential is estimated at over one thousand separators.
Genoil has shipped a Crystal separator to China to be placed at Sinopec. This proven technology has been in operation at multiple locations for over 20 years. Genoil has about seventeen large Crystal Industrial Land Separators in operation, the largest handling 50 cubic meters per hour of capacity. Crystal technology is Coast Guard and IMO approved which allows for discharge at sea, and does not require the use of chemicals or filters.
About Beigeng Energy Technology Co., Ltd:
Xi'an Beigeng specializes in filtration, providing complete process technical solutions and custom-made process equipment to the petrochemical and natural gas industries in China. Xi'an Beigeng has strategic relationships and successful marketing experience with CNPC, Sinopec, CNOOC and Yanchang Oil Group. http://www.beigengenergy.com
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