HYT Extends Agreement to Build a Genoil Upgrader in China
May 21 2014 - 3:19AM
Marketwired
HYT Extends Agreement to Build a Genoil Upgrader in China
CALGARY, ALBERTA--(Marketwired - May 21, 2014) - Genoil Inc.
(OTCBB:GNOLF) and Haiyitong Inc ("HYT") which is a division of
Hebei Zhongje Petrochemical Group, Ltd. in China, have extended
their agreement with binding features till the end of the year.
HYT has requested the Genoil delegation to come to China
immediately to discuss the implementation of the 19,508 barrels per
day upgrading project.
According to our present extended agreement, Genoil is to
receive ten percent of the profits from the operation. In the event
of a sale of the project, Genoil will receive ten percent of the
proceeds. Estimated cost of the project will be around $180 million
USD.
Bruce Abbott the company's new President & C.O.O. said:
"This is a very significant project for Genoil and for China. A
substantial portion of the financing is available in China. The
appreciation of the Renminbi means the profits, once converted back
into US dollars, will be more."
David Lifschultz, the Corporation's Chairman and Chief Executive
Officer, said: "This Chinese project is part of our general effort
in China to supply heavy oil converted to light oil for the Chinese
economy, and we are presently in talks with heavy oil suppliers to
convert their heavy oil to light for China."
Genoil Attends Posidonia:
Genoil will also be at Posidonia Exhibition 2014 in Athens
Greece, one of the largest commercial marine trade shows in the
world. The chief inventor of the Crystal Sea, Paul Costinel, will
be there to field customer questions and meet with Donghwa.
Attendees may visit the Genoil at the Bogdanos Marine located in
hall 2 booth #505 from June 2nd to 6th. Donghwa Entec will be
attending the show as well.
About:
Genoil Inc. is an international engineering technology
development company based in Alberta, Canada with offices in the
USA, Sweden, Bosnia, UAE, Saudi Arabia that has pioneered an
efficient oil desulfurization upgrading technology, oil and water
separation and technologies, for the oil and gas and marine
industries. Genoil has 147 acre land holdings in Two Hills Canada
with 2500 acres of mineral rights and a large design test facility.
Genoil has a partnership in the United Arab Emirates with the first
born son of Khalifa bin Zayed Al Nahyan, who is the ruler there.
The company is called Genoil Emirates. Genoil also has a
relationship with a large EPC contractor.
ADVISORY: Certain information regarding the company, including
management's assessment of future plans, contact values,
completions dates, operations, profitability and the uses of the
company's technology, may constitute forward-looking statements
under applicable securities law and necessarily involve risks
associated with oil and gas technologies, production, refining,
marketing and transportation such as loss of market, volatility of
prices, environmental risks, competition from other technologies,
the effectiveness of the company's technologies and ability to
access sufficient capital from internal and external sources; as a
consequence, actual results may differ materially from those
anticipated. The company assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those contemplated by the forward-looking
statements.
Investor Relations(212)
688-8868InvestorRelations@genoil.netwww.Genoil.ca
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