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Genoil Inc GNOLF

Genoil Inc. is technology-based company engaged in the development of technologies relating to the oil and gas industry. The Company specializes in heavy-to-light oil technology, oil field development and exploration and production. It is a provider of hydro conversion fixed-bed technology for the upstream and downstream oil and gas industry. It is also working with Chinese policy banks and Chinese companies to provide, project financing, drilling, production, and processing services to the oil and gas industry. Its technology consists of Genoil Hydroconversion Upgrader (GHU), which converts sour (high sulfur), heavy hydrocarbon feed stocks into lighter oil with higher quality distillates for conventional refining. The Company is also engaged in other technologies, such as oil upgrading and recycling, water purification port technologies, well testing, and sand cleaning. The Company markets its technology to customers in the Middle East, Russia and China.


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Comment by peterap2001on Feb 28, 2017 5:49pm
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Post# 25908559

RE:RE:RE:RE:RE:Deal For Rosneft To Sell Assets To Chechen Government

RE:RE:RE:RE:RE:Deal For Rosneft To Sell Assets To Chechen Governmenthttps://translate.google.com/translate?hl=en&sl=ru&u=https://eadaily.com/ru/news/2017/02/28/chechenskaya-epopeya-rosnefti-blizitsya-k-razvyazke&prev=search

"Rosneft" in the foreseeable future can part with their assets in Chechnya. According to the newspaper "Kommersant", the company introduced some time ago in the Ministry of Economic Development of assessment made by the audit team PwC. According to the publication, their market value is defined in the 11.8 billion rubles, and the main buyer should be very Chechnya, Ramzan Kadyrov, the head of which has long sought the transition of the local oil and gas industry under the control of the Republic.

The main "Rosneft" oil and gas assets in Chechnya at the moment is 51% of the company "Grozneftegas" - a single operator for the extraction of hydrocarbons in the country. For "Rosneft" the asset - planning and unprofitable: According to "SPARK-Interfax", in 2013. "Grozneftegas" showed a net loss of 463.2 million rubles and in 2015 - 171.8 million rubles. 2012 and 2014 the company completed with a minimum profit, which is not nearly comparable with those losses.

The main reason for loss-making companies - falling production levels. At the end of 2014 it amounted to only 447.1 thousand tons, while last year, according to Chechenstata oil only 46.2% of the level in 2015 was produced in Chechnya. Ramzan Kadyrov has repeatedly criticized the management of "Grozneftegas" for their unwillingness to increase production, lack of investment in exploration of hydrocarbons, reduction of tax revenues to the budget of the republic, and the very "Rosneft" - for the construction of a permanent delay in Chechnya refinery. As you know, all the processing capacity in the country were destroyed during the two wars.

Late last year, the Chechen leadership has made a demonstrative gesture towards foreign investors. Cooperation in the energy sector, including oil refinery construction project, it was suggested the world's largest oil company Saudi Aramco, with whose leadership held a meeting during the official visit of the Chechen delegation to Saudi Arabia. Thus Ramzan Kadyrov reiterated its previous statements that if "Rosneft" does not want to build a refinery in Chechnya, the republic's authorities will seek alternative investors. Almost at the same time it became known that a private company "Grozneft" signed an agreement of intent with the Canadian oilfield services company Genoil, which is offered to attract billions of dollars of investment in the oil and gas complex of the Chechen Chinese banks.

By the time the prospects of the "divorce" of Chechnya and "Rosneft" has actively been discussed, did different versions of the property section, although a number of questions of principle still has not been resolved in the government of the Russian Federation. One of them - the transfer of Chechnya, 100% of the assets of OAO "Chechenneftekhimprom" (CHNHP), which has long insisted Ramzan Kadyrov. Physically they are a former refinery complex in Grozny, Chechnya, on which management has already announced a number of investment projects. Last year, on the basis of CHNHP it opened the first phase of production of lithium batteries, established jointly with the Korean company cocama language. The total cost of this initiative is estimated at 7.6 billion rubles.

"C" Rosneft "at Terrible indeed always been an uneasy relationship, and sooner or later it had to be, or to negotiate, or to part amicably", - commented on the prospects for output EADaily holding assets of Chechen business consultant Shamil Beno, a partner company Avanti Business Solutions. According to experts, getting their hands on Chechnya former assets of "Rosneft" in the country should intensify the process of oil extraction and exploration and related energy research and production.

"Ramzan Kadyrov - a very active and well aware of what it means for the country oil - continues Shamil Beno. - Although we have oil for a long time it does not go in the country, so to speak, by gravity. Therefore it is necessary to upgrade existing wells and develop new ones. If Chechnya will be handed property assets, "Rosneft" in the region, the republic clearly from this will benefit. "

In addition, an expert appreciates the progress made in the past year, the potential agreement on the training of Chechen oil and power industry in Saudi universities, wrote about EADaily . "The exchange of experience will benefit both sides - said Beno. - Saudi Arabia has launched a scientific study of the production of its own oil reserves are not so long ago, and Grozny Oil Institute, now the Technical University - is one of the oldest research institutions of its kind in the Caucasus and in Russia in general. Do not forget that we still have in Chechnya in the ranks enough personnel in the oil and gas sphere. "
https://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=search&rurl=translate.google.com&sl=ru&sp=nmt4&u=https://eadaily.com/ru/news/2017/02/28/chechenskaya-epopeya-rosnefti-blizitsya-k-razvyazke&usg=ALkJrhiG1KKnvPS9MlMe81KCCaa3_ay4-Q

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