MEXICO CITY, MEXICO / ACCESSWIRE / December 18, 2017 / Genoil (GNOLF) and Grupo Roales Mexico announce that that they have formed a ten year alliance and partnership agreement to jointly engage in bids and develop projects in Mexico. It is expected that these projects will use Genoil's GHU technology and Grupo Roales will support Genoil with EPC work including; feasibility studies and detail engineering design, procurement and design for the projects which will be applying Genoil GHU technology on an exclusive basis in Mexico. The Companies are currently reviewing several projects in Mexico.
Grupo Roales formed in 2008 and is a leading oil services company headquartered in Ciudad del Carmen, Campeche Mexico. Grupo Roales employs 415 people. Grupo Roales is a leading organization in the regional supply and Specialized Technical Administrative Services and companies in the oil sector, helping to increase productivity, sustained growth and strengthen customer satisfaction, with a commitment to quality service professionals and compliance with the requirements of its customers.
About the Genoil GHU Technology:
Genoil's field upgrader (GHU) is an environmentally friendly technology which reduces the carbon content of a barrel of crude oil while removing sulfur and nitrogen that cause greenhouse gases. The GHU economically (up to 75% less OPEX & CAPEX than existing processes) converts heavy crude oil, bitumen, atmospheric residues, and vacuum residues into a lighter crude so that it can be transportable by pipeline without the aid of diluent making it compatible for refineries. The GHU increases the yield of light products and decreases the residual portion of a heavy crude stream, producing a much more desirable refinery feedstock.
Forward-Looking Statements:
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
For further information, please contact:
Peter Weedon
BLUE Communications
T: 01865 514214
E: [email protected]
Investors contact:
Steven Chizzik
Investor Relations Genoil
T: 201 454 5845
E: [email protected]
SOURCE: Genoil Inc.