PHOENIX, AZ / ACCESSWIRE / July 18, 2019 / The Stock Day Podcast welcomed Genoil Inc. (OTC PINK: GNOLF) ("the Company"), an independent exploration and production company which has experience drilling for oil and gas in the Caribbean. CEO, David Lifschultz, joined Stock Day host Everett Jolly.
Jolly began the interview by asking about the Company's recently signed contracts. Lifschultz explained that the Company recently reached an advisory agreement with Tuimadda-Neft, a leading oil and gas company in Russia. This company holds around 850 million tons of oil, and Genoil will be responsible for advising and helping to develop this project. Total estimated future production in Yakutia, Siberia, and Astrakhan is one million barrels a day.
For the Company's Astrakhan project, an additional agreement has been reached with JSC PetroleumGas (AFB) for the Velikoye oil field. The Genoil banking partner in this project is nearly twice as large as JPMorgan Chase.
Jolly then asked about the Company's $50 billion upgrading project in Saudi Arabia. Lifschultz shared that the upgrade will likely include drilling and the building of their pipelines and could come to fruition in the near future. He thinks it will be linked to the coming IPO of the two trillion-dollar Aramco.
Lifschultz also mentioned that the magnitude of these projects would be exceptional, however, the Company has also been in discussion with major commodity traders to provide an advantage through lower transportation costs. "We are in talks with one of the giant commodity traders and with the Chinese shipping lines.", stated Lifschultz. Genoil is considering giving them exclusive access to the shipping industry.
Jolly then asked about new advancements with the oil industry of Mexico. Lifschultz shared that the Company has entered into an agreement with the Mexican Institute of Technology, which is viewed as a highly credible partnership for those in the oil and gas industry. Its endorsement of Genoil means a great deal to Pemex. Lifschultz also shared that the Company has also earned a new patent for its technology, which will help to reduce overall costs.
To hear David Lifschultz's entire interview, follow the link to the podcast here:
About Genoil Inc.
Genoil is an independent exploration, production company which has experience drilling for oil and gas in the Caribbean. The company specializes in heavy oil development and is focused on long term growth. Genoil has developed a proprietary, state of the art patented advanced hydroconversion process technology (heavy to light & sour to sweet). This advanced Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery bottoms into clean crude that is much more valuable. This more valuable crude produces a higher value product slate meaning that this new crude oil refines into clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a common and proven desulfurization process, capable of processing various feedstocks ranging from crude oil to Naptha.
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 analyzed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
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:
Tel: 212 688 8868
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