Genoil and OW Bunker in Partnership for Low Sulphur Fuel Oil
08 Avril 2014 - 5:43PM
Marketwired
Genoil and OW Bunker in Partnership for Low Sulphur Fuel Oil
NEW YORK, NEW YORK--(Marketwired - Apr 8, 2014) - Genoil Inc.
(OTCBB:GNOLF) and OW Bunker, one of the world's leading physical
distributors and resellers for marine fuel, announced today that
they have signed a Memorandum of Understanding, to build an
upgrader for which OW Bunker will supply the feed oil to Genoil. As
part of the agreement, Genoil will build the Hydroconversion
Upgrading System (GHU), while OW Bunker has agreed to purchase one
million tons a year of low sulfur IFO from Genoil at an agreed
price. The GHU unit will upgrade and desulfurize the feed Genoil's
patented process to produce a marine fuel oil IFO 380, which
complies with future IMO and EU regulations in the Emission Control
Areas which intend to implement a limit of 0.1% sulfur content for
the marine industry. The bunker fuel market is estimated at around
five million barrels per day. The purpose of this partnership is
produce inexpensive low sulfur bunker fuel for the shipping
industry. Genoil & OW Bunker have already selected a site in
the port of Rotterdam.
"OW Bunker is a great partner to have for this project. I am
excited that this opportunity is coming together quickly and we are
working on the contract now and expect it to be completed shortly."
says Bengt Koch, a former Executive Chairman of Atlantic Container
Lines, and who is currently the Director of Genoil and together
with Genoil's president Bruce Abbott is leading the project.
The production of the first low sulphur fuel oil from the
project is expected in three years from the date of the
contract.
"As a leading global fuel distributor, we have a responsibility
to our customers to look at all options and innovations for
compliance beyond expensive distillates. While we are still in the
early stages of this initiative, we are pleased to be partnering
with Genoil," Says Steffen Kortegaard Technical Director, OW
Bunker.
About:
Genoil Inc. is an international engineering technology
development company based in Alberta, Canada with offices in the
USA, UK, 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 land holdings in Two Hills Canada with
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.
OW Bunker is a leading global independent marine fuel (bunker)
company founded in Denmark in 1980 with operations in 29 countries,
including the world's busiest and most important ports. OW Bunker
acts as a physical distributor as well as reseller of marine fuel,
and operates a global fleet of around 30 bunker vessels. OW Bunker
also provides advanced risk management solutions aimed at
controlling costs, minimizing risk and protecting against market
fluctuations. Read more on www.owbunker.com
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.
Genoil Inc.Bengt KochDirector(212)
688-8868investorrelations@genoil.netwww.genoil.ca
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