Genoil Signs an Agreement in Saudi Arabia To Build a Super Upgrading Complex and Also Signs Immediate Revenue Generating Contract With a Middle Eastern Entity

"We Are Seeing a Strong Interest in GHU Technology with Oil Prices on The Rise"

RIYADH, SAUDI ARABIA / ACCESSWIRE / October 27, 2021 / Genoil Inc (OTC PINK:GNOLF) signed an agreement with the nephew of King Salman to develop a greenfield Genoil Upgrader with a capacity of 600,000 barrels per day in the Kingdom of Saudi Arabia. This complex will be one of the largest refining or upgrading complexes in the world on the scale of Aramco's Ras Tanura refinery, the largest in the Middle East or Exxon's Singapore Refinery. Genoil estimates the project to cost approximately $5 billion USD, the project will exclusively be utilizing Genoil's Upgrading Technology "GHU" Process. Genoil will license its proprietary technology, process design package, training, and advisory services, as well as proprietary catalyst and equipment supply. The syncrude produced from this project will be very environmentally friendly because it will have no refining residue and instead produce a much greater yield of transportation fuel.

The Parties have agreed to utilize Beijing Petrochemical Engineering Company to perform a detailed feasibility study, the Front-End Engineering Design (FEED), to do the project management and act as project EPC contractor. They will also be the EPC contractor for the construction of any required infrastructure such as storage tank farms, project offsite facilities including a product export terminal, and pipelines.

The project will be very stimulative to the local economy and is estimated to create a minimum of eighteen thousand jobs for the Kingdom of Saudi Arabia. Genoil will prioritize utilizing many local existing contractors and local manufacturing vendors. The parties also agreed that once the project is up and running it should be operated by Beijing Petrochemical and Yanchang Petroleum Limited.

The parties intend to utilize funding from a well-known development bank who already provided a $5 billion USD Letter of Intent to Saudi Aramco. The parties have been assured of available bank financing by the lender.

Genoil also signed a contract to do consulting work for a leading oil field services company who is in the middle of developing a large heavy oil field. Genoil has been retained and shall earn profits immediately on the project. The company also expects that this consulting agreement will be expanded to include further business and other potential projects and we believe a long-term cooperation with this partner will lead to the construction of a Genoil upgrader at the oil field. With these recent developments the company plans to expand its engineering team to accommodate the workload.