Under the Symbol:
Genoil & Instituto Mexicano del Petroleo Sign Collaboration Agreement for The Joint Development of Heavy Crude Upgrading Projects in Mexico
Wednesday, June 12, 2019 11:05 AM
MEXICO CITY, MEXICO / ACCESSWIRE / June 12, 2019 / (OTC PINK: GNOLF) Genoil Inc., the publicly traded clean technology engineering company for the energy industry, announced today that Lic. José E. García Torres, Legal Representative of the company Genoil Inc. and Dr. Fernando Castrejón Vacio, Director of Product Technology of the Instituto Mexicano del Petroleo "IMP", met to sign a Memorandum of Understanding, which seeks to establish guidelines for cooperation between Genoil and the IMP to jointly team up to develop business opportunities in matters of improvement of heavy and extra-heavy oils in Mexico. The interest of this Memorandum includes the joint search for business opportunity, as well as the development of potential investments in service projects, the scaling of products, provision of technological services, consulting and specialized advice, promotion of investment, specialized training and marketing in everything related to the Processing of Heavy Crude Oil, as well as for the process of Hydrotreating. Also present for the signing ceremony was Dr. Jorge Ancheyta Juárez, Product Manager for the Transformation of Crude of IMP and Genoil engineer Mario Alberto Carreón Rascón.
GENOIL Inc. is a technology development company that has made important technical breakthroughs in hydroconversion technology processes. The parties are interested in collaborating together, combining each others' strengths and experiences under the consortium scheme to provide the most competitive proposals for the large infrastructure projects of the oil industry.
IMP is very well known in Mexico's oil and gas sector and has strong capacities to support Genoil in Mexico in the area of sales of advanced heavy crudes and residue conversion technologies to produce improved high value crude with properties similar to those of light crudes.
A group of researchers from IMP, led by Dr. Jorge Ancheyta, have developed a similar technology to GHU called the HIDRO-IMP® technology, which has important economic and operational advantages over conventional technologies and is a very favorable option for the best use of heavy crude oils.
"Genoil & the Mexican government owned Instituto Mexicano del Petroleo make perfect partners and both have advanced technical capabilities and see the huge need for upgrading crude oil in Mexico. Our new partnership will looking to implement hydroconversion technologies for the benefit of the Mexican oil & gas industry to maximize profit margins from crude produced in Mexico." Says Bruce Abbott, President of Genoil.
About Instituto Mexicano del Petroleo: Is a Mexican government Petroleum Institute. It is the leading research center of Mexico dedicated to the area of crude oil. As a decentralized government public research center, it has the mission of transforming knowledge into technology and valuable services for the oil industry; and the vision of being a world-class public research center with recognized personnel, with technologies and services that contribute to the development of the oil industry.
About the Genoil GHU 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.
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SOURCE: Genoil Inc.