CHINA DEVELOPMENT BANK CORPORATION
Private and Confidential
Date: April 72016
To: Saudi Arabian Oil Company
Cc: Beijing Petrochemical Engineering Co. Ltd.
Genoillnc.
Ref: Heavy Oil Desulfurization Project
Letter of Intent
Dear Sir/Madam
We are pleased to address you in this opportunity with reference to the application from the
consortium (he Consortium") formed by Beijing Petrochemical Engineering Co. Ltd.
(BPEC) and Genoil Inc. ("Genoil"). We learn that the Consortium plans to bid for the USD5
(Five) Billion Heavy Oil Desul rization Project ("the Project") which would increase the
value of crude oil and contribute to environmental protection through e1iminating toxic
lmpunt1es.
Accordingly as we learn more about the Project we will consider providing financing for the
Project subject to a number of conditions including without limitation to the following: (1)
completion of our legal technical and financial Due Diligence; (2) terms and conditions of
financing including security arrangements to our satisfaction; (3) approval ofthe financing by
relevant Saudi Arabian and where applicable the Chinese regulatory authorities; (4) approval
ofthe financing by our credit committee; (5) conclusion of satisfactory loan documentation.
This Letter will remain valid for 12 months since the date of issue. It is not intended to be and
should not be construed as an offer to provide financing or a document with legally binding
effect. It may not be relied upon or enforced by you and any person in any court or tribunal.
This Letter shall be govemed byand construed in accordance with the laws of the People's
Republic of China.
Yours faithfully
ja
XuMing
General Manager ofBeijing Branch
Address: NO.158Fuxingmennei Street Xicheng Dislricl BeingP R. China 100031