Genoil in Discussions with Top Putin Aide for $700 Billion Energy Infrastructure Plan

Charles Schwab now handling trading of Genoil Shares

NEW YORK, NY / ACCESSWIRE / August 31, 2021 / (OTC:GNOLF) Genoil has proposed to the Russian Government to build new pipelines to Asia which would enable all Russian natural gas and oil production currently be supplied to the EU to be supplied to much needed markets in China. This proposal parallels in an energy sense the "Belt & Road" initiative and provide much needed energy to the new markets which will be opened up from this initiative. This proposal shields Russia from German and EU threats relating to the Ukraine, sanctions from the EU Carbon tax, or sanctions from the US. Genoil's proposal will include the Genoil technology implementation to reduce the carbon footprint and enhance the environmental competitiveness of Russian energy and manufacturing sectors would represent one of the largest commercial transactions in history. It is commonly known in Brussels that the global carbon action initiatives have made EU manufacturers significantly less competitive, and this trend will be exacerbated over the next five years. The EU is implementing emergency legislation called the "Carbon Border Tax" which will most likely drive the EU out of the world market.

The Genoil proposal was confirmed by the prestigious Asian Times as Pepe Escobar reports below: "That Russia may not wait forever for the Germans as the Chinese would like all their oil and natural gas now. A closely guarded secret in Moscow is that right after German sanctions imposed in relation to Ukraine, a major global energy operator (Genoil) approached Russia with an offer to divert to China no less than 7 million barrels a day of oil plus natural gas. Whatever happens, the stunning proposal is still sitting on the table of Shmal Gannadiy, a top oil/gas advisor to President Putin."

One can view the article in its entirety from Asian Times website:

Definitive Eurasian alliance is closer than you think

Genoil is pleased to report that our Oman project in the Special Economic Zone Authority of Duqm SEZAD free zone of Duqm Oman is well under way and we expect the design phase to be completed within three months. The Oman project was covered in many prestigious oil and gas trade press such as Oil and Gas journal article dated July 2nd 2021 and the well-known publication Energy Voice.

https://www.ogj.com/refining-processing/refining/article/14206226/contract-let-for-newly-proposed-omani-refinery
https://www.energyvoice.com/oilandgas/middle-east/refining-middle-east/334384/genoil-upgrading-refinery-oman/

The Oman project will produce Low Sulfur Fuel Oil meeting IMO 2020 compliance environmental standards. Genoil demonstrated to Lloyd's Register who certified that our Genoil upgrading process can remove sulfur in fuel oil down to 0.38% well below IMO 2020 environmental limits. The full press release on Lloyds Register's independent assessment can be viewed at the following link:

https://apnews.com/press-release/pr-accesswire/d40b00c5182f6aca6e45ffa9ac507e80

Genoil is also working diligently to further discussions in the Kingdom of Saudi Arabia on the $5 billion LOI the company received in 2016 for the initial 500,000 bpd phase of a Genoil Upgrading project which could be increased to 3.5 million barrels per day. The news was covered in Reuters on April 15, 2016. Genoil believes that we are now on the right track into securing the project.

https://www.reuters.com/article/idUSFWN17I0CT

Genoil also wishes to report that work on the AFB Astrakhan project is continuing and the largest bank in the world is actively working on finding a major Chinese group to develop this AFB owned field. Astrakhan has an estimated ten trillion cubic meters of natural gas which has an estimated present value of 600 billion dollars above ground, and it has an estimated 285 billion tons of recoverable oil. There are pipelines available from Astrakhan to China and access via pipeline to the Caspian sea for export for oil and liquid natural gas. The Russia Direct Investment Fund is interested in partnering in the project.

Here is how this Astrakhan project compares in size to the total total reserves of Russia, Iran and Qatar.

Qatar's proven natural gas reserves stand at approximately 25 trillion m3. Qatar commands almost 14 percent of world's total natural gas reserves and is the third largest in the world, after Russia and Iran. Russia's proven natural gas reserves amount to 47 trillion cubic meters, 26% of the world's total. The majority of these reserves are located in Siberia, with the Yamburg, Urengoy, and Medvezh'ye fields alone accounting for more than 40% of Russia's total reserves, while other significant deposits are located in northern Russia. In 2004, Gazprom held licenses to fields accounting for 60% of these reserves; 21% is held by other producers, with the remaining 19% unallocated.. Iran has approximately 29.6 trillion cubic meters of proven gas reserves which accounts for 16% of the world's total reserves. This places Iran behind Russia with the second largest gas reserves worldwide. In 2009, Iran's natural gas production stood at 116 billion cubic meters.

For further information, please contact:

David Lifschultz
Tel: +1 212 688 8868
Email: dklifschultz@Genoil.Ca

SOURCE: Genoil Inc.