PHOENIX, June 06, 2018 (GLOBE NEWSWIRE) — Uptick Newswire recently welcomed David Lifschultz, the CEO of Genoil Inc (OTCQB:GNOLF) (Genoil, “the Company”) back onto the “Stock Day” podcast. The interview covered multiple topics, including a 50 billion dollar project proposal to Saudi Aramco to upgrade and desulfurize their heavy oil to a better quality oil than WTI and Brent. The proposal covers a plan to convert 3.5 million barrels per day of oil, which is a larger quantity of oil coming from the ground than Exxon produces even after operating for 136 years. Genoil has presented to the Saudi Arabian crown prince, Mohammad bin Salman, an initial letter of intent from the Chinese Development Bank for 5 billion dollars that will cover the initial 500,000 barrels per day of the project. The crown prince’s interest in the project is connected to the Saudi Aramco I.P.O.; he is particularly interested in the fact that China will purchase the entire 3.5 million barrels per day of the offtake at an agreed upon price in relation to the spot. The offtake can be used to repay the entire 50 billion dollar loan to finance the project. These proposals are presently on the desk of Mohammad bin Salman for review.
Genoil recently put out a press release detailing the company’s move to Curacao. Corporations Canada has approved the move of Genoil to Curacao. This move will grant company shareholders in Canada the ability to trade stock in the United States. The opportunities here are two-fold; Curacao is the home of one of the largest oil service companies in the world, and the legal system in Curacao has been designed to allow oil service companies maximum flexibility.
Genoil has also offered to Russia 50 billion dollars for oil development projects. Currently, the company is working on two projects in Russia, one in Yakutia and the other in Astrakan, for about 40 billion dollars in cost. The goal is to develop 3.5 million barrels per day of new oil production in Russia to be piped via pipeline to China. In addition, Genoil is working with Pemex in Mexico on potentially 1 million barrels per day of heavy oil to be converted into light oil. At the present time, Pemex uses light oil to blend with the heavy oil to make it saleable. In contrast, Genoil processes the heavy oil and converts it to light oil, rendering the use of an expensive diluent unnecessary. The company is currently operating on a royalty basis of 3 dollars per barrel for its upgrading service. Engineers from Pemex will be scheduled to travel to Russia for tests in the next 30 days.
Lifschultz is confident about the direction in which the company is going, and believes that their current international projects will create tremendous value above the present stock price. “In one fell stroke with this project, we would be producing more oil than Exxon. The value of the company in relation to projects this size is grotesquely undervalued, and gives the opportunity to your listeners to benefit from that low price.” Since January, the company has seen an 11% increase in their stock price. The company’s current market cap is almost $50 million fully diluted. Uptick Newswire agrees that the stock is extremely undervalued, trading at 5 cents per share.
To listen to the full interview, please click the link below. In the audio, David Lifschultz goes into more depth about Genoil’s technology and other projects.
About Genoil Inc.
Genoil is a provider of world leading hydroconversion fixed bed technology for upstream and downstream oil and gas industry. The company is also working with a top Chinese policy bank and Chinese companies to provide, project financing, drilling, production, and processing services to the oil and gas industry. Through these partnerships and strong financial backing, Genoil is looking to supply the oil industry with a full range of products and services, from exploration through production, solutions for hydrocarbon development and recovery, upgrading and environmental protections services.
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.
CEO, Genoil Inc.
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