Click here to close now.

Welcome!

News Feed Item

HYT Extends Agreement to Build a Genoil Upgrader in China

CALGARY, ALBERTA -- (Marketwired) -- 05/21/14 -- Genoil Inc. (OTCBB:GNOLF) and Haiyitong Inc ("HYT") which is a division of Hebei Zhongje Petrochemical Group, Ltd. in China, have extended their agreement with binding features till the end of the year.

HYT has requested the Genoil delegation to come to China immediately to discuss the implementation of the 19,508 barrels per day upgrading project.

According to our present extended agreement, Genoil is to receive ten percent of the profits from the operation. In the event of a sale of the project, Genoil will receive ten percent of the proceeds. Estimated cost of the project will be around $180 million USD.

Bruce Abbott the company's new President & C.O.O. said: "This is a very significant project for Genoil and for China. A substantial portion of the financing is available in China. The appreciation of the Renminbi means the profits, once converted back into US dollars, will be more."

David Lifschultz, the Corporation's Chairman and Chief Executive Officer, said: "This Chinese project is part of our general effort in China to supply heavy oil converted to light oil for the Chinese economy, and we are presently in talks with heavy oil suppliers to convert their heavy oil to light for China."

Genoil Attends Posidonia:

Genoil will also be at Posidonia Exhibition 2014 in Athens Greece, one of the largest commercial marine trade shows in the world. The chief inventor of the Crystal Sea, Paul Costinel, will be there to field customer questions and meet with Donghwa. Attendees may visit the Genoil at the Bogdanos Marine located in hall 2 booth #505 from June 2nd to 6th. Donghwa Entec will be attending the show as well.

About:

Genoil Inc. is an international engineering technology development company based in Alberta, Canada with offices in the USA, Sweden, Bosnia, UAE, Saudi Arabia that has pioneered an efficient oil desulfurization upgrading technology, oil and water separation and technologies, for the oil and gas and marine industries. Genoil has 147 acre land holdings in Two Hills Canada with 2500 acres of mineral rights and a large design test facility. Genoil has a partnership in the United Arab Emirates with the first born son of Khalifa bin Zayed Al Nahyan, who is the ruler there. The company is called Genoil Emirates. Genoil also has a relationship with a large EPC contractor.

ADVISORY: Certain information regarding the company, including management's assessment of future plans, contact values, completions dates, operations, profitability and the uses of the company's technology, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas technologies, production, refining, marketing and transportation such as loss of market, volatility of prices, environmental risks, competition from other technologies, the effectiveness of the company's technologies and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.