MEXICO CITY, MEXICO / ACCESSWIRE / October 10, 2018 / Genoil (OTC PINK: GNOLF) announced that it has
dramatically improved overall performance and capabilities of its heavy to light crude oil upgrading technology ''Genoil GHU
Technology.'' This further proves the GHU Upgrader's flexibility and high profitability for conversion of Pemex crude oil.
Converted high quality GHU crude oil can be exported from Mexico at a substantially higher price, with an estimated profitability
of over $50.00 per barrel at today's oil prices. The GHU is a cutting edge advanced hydroconversion technology which is based on a
common refining process utilized globally to remove sulfur and other impurities in a variety of feedstocks. Genoil is using new and
improved catalyst that considerably increases performance and reduces operating costs.
At the wellhead, Genoil provides a complete standalone upstream solution for oil producers to substantially increase the value
of crude oil through upgrading and sulfur reduction and reduced transportation costs. GHU Technology increases profit margins by
eliminating the need for very costly blending or diluents for transport and virtually eliminates the need for natural gas for steam
generation for thermal recovery. With International Maritime Organization's 2020 legislation just around the corner and the price
of crude oil rising drastically in recent months, which is forecasted to go much higher, Genoil is perfectly positioned to take
advantage of these market trends.
Genoil anticipates two more upcoming tests in the near future, one for a leading provider of compliance, consultancy service and
classification to the marine industry who will dispatch personnel to UFA to witness the processing of fuel oil in UFA. The second
for a national oil company which currently has over one million barrels per day of heavy oil production. Data collected for
Petróleos Mexicanos (PEMEX) will support the engineering and design of commercial GHU heavy to light crude oil
upgrader.
At the demonstration facility, heavy Pemex crude oil was converted by Genoil's GHU Technology to a much lighter crude oil with
demonstrations conducted at both normal throughput (100%) capacity and increased throughput (200%) capacity.
At 100% throughput the feedstock was 10 API and was increased to 29 API. Sulfur content was 3.56 % wt. and was reduced to a
level of 0.28%. When the throughput was increased with a process run at 200% capacity and much lower temperatures results were also
good, feedstock of 10 API was increased to 20.1 API. The sulfur content was 3.56 % wt. and was reduced to 0.71% wt. These
demonstration runs help position Genoil for full-scale heavy oil operations in Mexico and in other countries who have similar heavy
oil characteristics.
Founded in 1996 as an oil Exploration and Production company, Genoil Inc. is an independent, international oil company focused
on heavy oil development and oil production using cutting edge advanced technologies, including its proprietary, patented heavy
crude oil to light oil upgrading process ''Genoil GHU Process.'' Core operations are in Canada, New York, China, Russia and the
Middle East, with business development opportunities worldwide. Genoil's shares trade on the Over The Counter exchange in New
York.
Pemex crude oil demonstration results summary at normal capacity load.
|
Temperature
|
385 ?C
|
Raw material
|
% wt.
|
Products
|
% wt.
|
|
Crude oil
|
100,0
|
Gases C1-C4
|
5,84
|
|
Crude oil upgraded stabilized
|
94,16
|
|
Total
|
100,0
|
|
390 ?C
|
Crude oil
|
100,0
|
Gases C1-C4
|
6,47
|
|
Crude oil upgraded stabilized
|
93,53
|
|
Total
|
100,0
|
|
Properties
|
Crude oil
|
Crude oil upgraded and stabilized
|
|
Process T = 385 ?C
|
Process T = 390 ?C
|
|
Density at 15 ?C, kg/m3
|
994,8
|
897,1
|
880,7
|
|
API
|
10,45
|
25,9
|
28,8
|
|
Viscosity at 50 ?C, cSt
|
388,0
|
11,8
|
7,1
|
|
Sulfur, % wt
|
3,56
|
0,35
|
0,28
|
|
Coke Conradson, % wt.
|
5,40
|
1,41
|
1,01
|
|
Pour point, ?C
|
+15
|
< -35
|
< -35
|
|
Water content, % wt.
|
18,7
|
absence
|
absence
|
|
Mechanical impurities, % wt.
|
0,12
|
absence
|
absence
|
|
Salts, mg/l
|
155,80
|
-
|
-
|
|
Asphaltens, % wt
|
6,20
|
1,22
|
0,85
|
|
Distillation:
IBP
10%
50%
FBP
Yield, %
|
119
316
-
350
25
|
31
217
372
515
76
|
29
194
331
510
88
|
Pemex crude oil demonstration results summary at 200% capacity load and low temperature.
|
Temperature
|
375 ?C
|
Raw material
|
% wt.
|
Products
|
% wt.
|
|
Crude oil
|
100,0
|
Gases C1-C4
|
4,14
|
|
Crude oil upgraded stabilized
|
95,86
|
|
Total
|
100,0
|
|
380 ?C
|
Crude oil
|
100,0
|
Gases C1-C4
|
4,86
|
|
Crude oil upgraded stabilized
|
95,14
|
|
Total
|
100,0
|
|
Properties
|
Crude oil
|
Crude oil upgraded and stabilized
|
|
Process T = 375 ?C
|
Process T = 380 ?C
|
|
Density at 15 ?C, kg/m3
|
994,8
|
934,2
|
931,4
|
|
API
|
10,45
|
19,64
|
20,10
|
|
Viscosity at 50 ?C, cSt
|
388,0
|
158,1
|
114,0
|
|
Sulfur, % wt
|
3,56
|
0,89
|
0,71
|
|
Coke Conradson, % wt.
|
5,40
|
3,19
|
3,00
|
|
Pour point, ?C
|
+15
|
-3
|
-8
|
|
Water content, % wt.
|
18,7
|
absence
|
absence
|
|
Mechanical impurities, % wt.
|
0,12
|
absence
|
absence
|
|
Salts, mg/l
|
155,80
|
0,13
|
0,14
|
|
Asphaltens, % wt
|
6,20
|
3,23
|
2,95
|
|
Distillation:
IBP
10%
50%
FBP
Yield, %
|
119
316
-
350
25
|
33
267
522
545
51
|
27
264
487
548
58
|
About The Genoil Hydroconversion Upgrader:
The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts
heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The GHU achieves 96% pitch conversion
and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted
their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14 % to
below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service
providers of core and fluid analysis in the petroleum industry.
About: The UFA Scientific Research Institute of Petroleum Refining
and Petrochemistry:
The State Unitary Enterprise ''Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan '' is located in
the Republic of Bashkortostan, Russian Federation. The state of the art Institute has more than 60-years' experience in the field
of hydrocarbon processing technologies and well recognized by the Industry. UFA is the only 100% governmentally owned institute
specializing in refining and heavy residue processing. 03.07.2018 on the basis of the Order of the Ministry of Land and Property
Relations of the Republic of Bashkortostan No. 218 of 02.03.2018 the State unitary enterprise "Institute of Petroleum Refining and
Petrochemistry of the Republic of Bashkortostan" is transformed to Joint-stock company Institute of Petroleum Refining and
Petrochemistry (JSC INKhP).
About: Beijing Petrochemical Engineering Company:
Genoil Partner EPC Company BPEC was founded in 1979 and is a first-class engineering company based in Beijing and its parent
company is the fourth largest Chinese oil company, 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 in
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.
About: OJS ''VNIIUS'' Institute in Kazan:
VNIIUS is one of the leading research institutes in Russia in the field of production and consumption of hydrocarbon feed. With
50-years of experience in practical work allows us to render assistance to oil and gas producing companies, to oil and gas
processing companies and also to companies of deep oil processing and sulfur recovery. VNIIUS has cooperated with Chevron and over
one hundred different companies from around the world.
FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including availability of capital and other
sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking
statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,''
''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar
expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the
statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and
uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results
may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information
contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given
current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that
such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the
forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to
applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect
subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in
their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk
factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.
For more information please contact:
David Lifschultz
Tel: 212 688 8868
Email: dklifschultz@Genoil.com
SOURCE: Genoil
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