PHOENIX, AZ / ACCESSWIRE / April 3, 2019 / Uptick Newswire Stock Day Podcast welcomed Genoil Inc. (OTC PINK: GNOLF) (''the Company''), an independent exploration, production company which has experience drilling for oil and gas in the Caribbean. CEO, David K. Lifschultz, joined Stock Day host Everett Jolly.
Jolly began the interview by asking Lifschultz about the Company's most recent press release involving Lloyd's Register, a prominent independent organization in the shipping company. Lifschultz explained that Lloyds Register observation of the desulphurization test for bunker fuel that met International Maritime Organization standards provided independent validation of the Genoil desulphurizing process. Similar validation was made in the Lukoil, Aramco, and ConocoPhillips tests, and many others.
''We're very excited about the validation through Lloyd's Register, and we think this is going to make a major impact on the shipping industry,'' stated Lifschultz.
Jolly then asked about the Company's pending deals. Lifschultz explained that the Company is currently working out a major deal with a 7,000 square kilometer oil field, containing an estimated 1 billion tons of oil reserves in which 285 million tons are recoverable and can produce 500 thousand barrels of oil per day. The field is connected to China by pipelines that go through Kazakhstan. The deal is currently progressing based on the results of meetings with a major bank in China larger than J. P. Morgan Chase.
Jolly inquired about the Company's technology and what makes it so different from other competitors in the industry. Lifschultz explained that the technology of the Company offers incredibly high conversion rates. This creates a more efficient and profitable process at a lower cost than competitors. Currently, the Company is even being considered for a project in Saudi Arabia that would be worth $50 billion.
Lifschultz then shared that the Company expects to be generating revenue as soon as their numerous projects come to fruition and interest in the Company's technology continues to grow.
To hear David K. Lifschultz's entire interview, follow the link to the podcast here: https://upticknewswire.com/interview-ceo-david-lifschultz-of-genoil-inc-otc-gnolf/
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 sulfur 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 sulfur-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.
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Certain information regarding Genoil, including the 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.
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SOURCE: Uptick Newswire