Published On: Tue, May 29th, 2018

Genoil receives approval to continue in Curaçao

Genoil and Pemex agree on upgrading and desulfurization demonstration procedures for upcoming testing to be performed at UFA Scientific Research Institute of Petroleum Refining and Petrochemistry.

Oil RefineryWILLEMSTAD - Genoil Inc. announced today that it has finally received a letter of satisfaction from Corporations Canada approving Genoil's move to Curaçao.

Genoil intends to now take all necessary steps to continue the corporation to Curaçao on a timely basis. This continuance has been planned for some time, as it will allow Canadian shareholders to once again trade Genoil stock. Curacao has a reputation as being one of the best jurisdictions and has one of the largest NY Stock Exchange energy company domiciled there. The Curaçao jurisdiction will help Genoil to do business throughout the world, save on taxes, and still be located in an important energy center. Curaçao offers global companies protection from political risks associated from doing business in different areas of the world.

The move to Curaçao is timely as things are progressing in Russia and Mexico. Genoil and Pemex have recently agreed on a demonstration test program at Genoil's engineering headquarters in Russia hosted by the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry in Bashkortostan, to test the Pemex heavy crude oil. The company's testing procedures have been developed by Raushan Telyashev and Viktor Solovyev. Raushan, formerly General Director of all Research and Development at Lukoil, was responsible for over eight hundred engineers at Russia's number two oil company. The test includes, preparation of catalyst, loading procedures, catalyst activation, temperatures, pressures recommended by Genoil's new catalyst partners, feed rates, analyses and conclusions.

Genoil believes that the Pemex heavy crude oil test results will exceed the most recent Genoil demonstration tests done with the cooperation of China Petroleum Engineering and Construction Company (CPECC), a division of CNPC and yield improved hard data to expand a relationship with the largest EPC company in the world, one who has the necessary size to construct a large scale commercial Genoil GHU project in Mexico. CPECC is already deeply familiar with the Genoil Hydroconversion Upgrading process.

Testing is expected to commence within the next thirty days as Pemex has needed time to dispatch their engineers outside of the continent to Russia, something not typically done by their company. Additionally, Genoil is coordinating with the leading international provider of classification, compliance and consultancy services to the marine and shipping industry, based in the United Kingdom. This firm has also expressed interest in witnessing a Genoil demonstration test at UFA and has requested a copy of the demonstration program recently developed by Mr. Telyashev and Mr. Solovyev.

David Lifschultz; Chairman of Genoil stated, "Both are very significant milestones for Genoil as we prepare to become an international presence in a changing oil industry as global demand rises for lower sulfur crude oil and fuels to meet more stringent environmental regulations including International Maritime Organization 2020 specifications". Mr. Lifschultz continued, "Genoil expects its Hydroconversion Upgrader to be the leading choice of both upstream and downstream energy sectors including the Maritime Industry for compliance". "With the participation and support of the leading provider of classification, who is instrumental in shaping the industry's future through the development of novel and innovative technologies, we feel this will be a successful strategy to implement Genoil's solutions to meet upcoming IMO low sulfur fuel legislation."

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