Genoil Successfully Upgrades Petróleos Mexicanos' Pemex Crude Oil

MEXICO CITY, MEXICO / ACCESSWIRE / October 10, 2018 / Genoil (OTC PINK: GNOLF) announced that it has dramatically improved overall performance and capabilities of its heavy to light crude oil upgrading technology ''Genoil GHU Technology.'' This further proves the GHU Upgrader's flexibility and high profitability for conversion of Pemex crude oil. Converted high quality GHU crude oil can be exported from Mexico at a substantially higher price, with an estimated profitability of over $50.00 per barrel at today's oil prices. The GHU is a cutting edge advanced hydroconversion technology which is based on a common refining process utilized globally to remove sulfur and other impurities in a variety of feedstocks. Genoil is using new and improved catalyst that considerably increases performance and reduces operating costs.

At the wellhead, Genoil provides a complete standalone upstream solution for oil producers to substantially increase the value of crude oil through upgrading and sulfur reduction and reduced transportation costs. GHU Technology increases profit margins by eliminating the need for very costly blending or diluents for transport and virtually eliminates the need for natural gas for steam generation for thermal recovery. With International Maritime Organization's 2020 legislation just around the corner and the price of crude oil rising drastically in recent months, which is forecasted to go much higher, Genoil is perfectly positioned to take advantage of these market trends.

Genoil anticipates two more upcoming tests in the near future, one for a leading provider of compliance, consultancy service and classification to the marine industry who will dispatch personnel to UFA to witness the processing of fuel oil in UFA. The second for a national oil company which currently has over one million barrels per day of heavy oil production. Data collected for Petróleos Mexicanos (PEMEX) will support the engineering and design of commercial GHU heavy to light crude oil upgrader.

At the demonstration facility, heavy Pemex crude oil was converted by Genoil's GHU Technology to a much lighter crude oil with demonstrations conducted at both normal throughput (100%) capacity and increased throughput (200%) capacity.

At 100% throughput the feedstock was 10 API and was increased to 29 API. Sulfur content was 3.56 % wt. and was reduced to a level of 0.28%. When the throughput was increased with a process run at 200% capacity and much lower temperatures results were also good, feedstock of 10 API was increased to 20.1 API. The sulfur content was 3.56 % wt. and was reduced to 0.71% wt. These demonstration runs help position Genoil for full-scale heavy oil operations in Mexico and in other countries who have similar heavy oil characteristics.

Founded in 1996 as an oil Exploration and Production company, Genoil Inc. is an independent, international oil company focused on heavy oil development and oil production using cutting edge advanced technologies, including its proprietary, patented heavy crude oil to light oil upgrading process ''Genoil GHU Process.'' Core operations are in Canada, New York, China, Russia and the Middle East, with business development opportunities worldwide. Genoil's shares trade on the Over The Counter exchange in New York.

Pemex crude oil demonstration results summary at normal capacity load.

Pemex crude oil demonstration results summary at 200% capacity load and low temperature.

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 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 state of the art 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. 03.07.2018 on the basis of the Order of the Ministry of Land and Property Relations of the Republic of Bashkortostan No. 218 of 02.03.2018 the State unitary enterprise "Institute of Petroleum Refining and Petrochemistry of the Republic of Bashkortostan" is transformed to Joint-stock company Institute of Petroleum Refining and Petrochemistry (JSC INKhP).

About: Beijing Petrochemical Engineering Company:

Genoil Partner EPC Company BPEC was founded in 1979 and is a first-class engineering company based in Beijing and its parent company is the fourth largest Chinese oil company, Shaanxi Yanchang Petroleum Group Corp Ltd. BPEC currently has about 1200 employees and holds a class A qualification of engineering consulting and engineering design. The company has been mainly engaged in engineering consulting, engineering design, EPC, engineering technology development and other related business in the fields of refining, petrochemical, coal-chemical, natural-gas-chemical, oil and gas fields, storage and transportation, etc.

About: Shaanxi Yanchang Petroleum Group Corp. Ltd:

Formerly ''Yanchang Oil Plant'' founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located in an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the ''twelfth five-year'' period. In 2012, Shaanxi province became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons. They are also one of the largest producers of coal in China with 18 billion tons of coal reserves, and 300,000 bpd of oil production.

About: OJS ''VNIIUS'' Institute in Kazan:

VNIIUS is one of the leading research institutes in Russia in the field of production and consumption of hydrocarbon feed. With 50-years of experience in practical work allows us to render assistance to oil and gas producing companies, to oil and gas processing companies and also to companies of deep oil processing and sulfur recovery. VNIIUS has cooperated with Chevron and over one hundred different companies from around the world.

FORWARD LOOKING STATEMENTS: 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:

David Lifschultz
Tel: 212 688 8868
Email: [email protected]

SOURCE: Genoil