Genoil Signs Tri-Partite Scientific, Research and Technical Cooperation Agreement and has begun testing High Sulfur Fuel Oil at UFA for shipping client to meet IMO 2020 sulfur regulations

Company joins forces with UFA Scientific Research Institute of Petroleum Refining
and Petrochemistry, and the OJS «VNIIUS» Institute to develop and launch
cutting-edge technologies and patents; client oil testing commenced in UFA

NEW YORK, Sept. 6, 2017 /PRNewswire/ - Genoil Inc, the publicly traded clean technology engineering company for the petroleum industry, today announced it has signed a tri-partite science, research and technical cooperation agreement with two leading Russian institutions.

Genoil has joined forces with the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry, located in Bashkortostan, Russia, and the OJS «VNIIUS» Institute, located in Tatarstan, Russia to establish a world class partnership. The scope of the agreement is to research, develop and market cutting-edge technologies and patents both in the Americas and globally. The partnership will focus on the petrochemistry, petroleum refining and gas chemistry industries where, through joint co-operation and a wide base of expertise, the parties саn add significant value to client proposals.

The agreement combines Genoil's leading sulfur removal GHU technology with the latest and most advanced scientific pilot testing and R&D center in the world, utilizing the sophisticated and cutting-edge equipment and tools of the respective Institutes. Genoil's GHU is an advanced upgrading and desulphurization technology, which converts heavy or sour crude oil into much more valuable low sulfur oil, for a low cost.

In particular, the group's activities will be concentrated on designing a low-cost desulfurization project to meet IMO 2020 sulfur legislation, solutions for complex oil and gas refining challenges; the upgrading of petroleum for transportation and processing, including the removal of sulfur compounds; catalytic processes of fuel production; processing of hydrogen sulfide into elemental sulfur; and the procurement, construction and start-up of projects.

Bruce Abbott, COO of Genoil, commented: "This is an exciting partnership and represents yet another significant step forward for Genoil's innovative technology. All three parties are leaders in their respective fields of engineering technology and R&D, and our combined expertise will allow us to bring to market new innovations and technologies to further transform an industry experiencing significant change."

The partnership has already received HSFO oil from a shipping client which is being tested at the UFA. The UFA is the sole government Institute specializing in refining and heavy residues processing technologies.

The Institute of Petroleum Refining and Petrochemistry has built a leading reputation within the industry, and has more than 60 years' experience in the field of hydrocarbon processing technologies.  OJS «VNIIUS» is one of the foremost research institutes in Russia with over 50 years' global experience of providing services to oil and gas production and processing companies.  OJS «VNIIUS» has also worked closely with deep oil processing organizations, particularly in relation to the removal and conversion of H2S and mercaptans.

About Genoil Inc.:
Genoil is a publicly quoted clean technology engineering company for the petroleum industries.   Genoil is headquartered in New York City.  Genoil has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping.  The GHU can be placed in remote locations, including receiving terminals, pipelines and ports.  The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site.

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 Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.

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 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.

About OJS «VNIIUS»:
OJS «VNIIUS», located in Tatarstan, is one of the leading research institutes in Russia in the field of production and consumption of hydrocarbon feed with 50-years' international experience of practical work and services to oil and gas production and processing companies and also to companies of deep oil processing, particularly in the field of removal and conversion of H2S and mercaptans.

SOURCE Genoil Inc.

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