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 - Seite 2

"We are seeing a strong interest in GHU technology with oil prices on the rise. These two major developments for the company are a culmination of years of hard work, dedication to success and our extraordinary effort to build a world class company centered around the most qualified engineers, talented industry executives combined with the most cutting-edge technologies. We expect major national oil companies will start developing their medium to heavy oil resources that will require Genoil upgrading based on the shortage of oil in the market. Western companies like Exxon and others have decreased their drilling due to environmental pressure. Therefore, we anticipate to have more announcements in the near future especially with oil prices soaring and oil producers urgently looking for environmental decarbonization technologies like Genoil's upgrader. The GHU makes all oil production more competitive against renewable energy and can also increase the valuation of an oil field asset that is rich in carbon and in danger of a write down. Strong demand for Genoil's highly profitable proven environmental upgrading technology will allow producers to capitalize on these market trends and increase their margins." Says Bruce Abbott, President & C.O.O.

Oman Update:

Genoil is pleased to announce that the project feasibility study is well underway and it is anticipated that it shall be completed in December.

About Beijing Petrochemical Engineering Company:

BPEC was founded in 1979 and is a first class engineering company based in Beijing and its parent company is Shaanxi Yanchang Petroleum Group Corp Ltd, the 4^th largest Chinese oil company. BPEC currently has about 1200 employees and holds a class A qualification of engineering consulting and engineering design. The company has been mainly engaged in engineering consulting, engineering design, EPC, engineering technology development and other related business in the fields of refining, petrochemical, coal-chemical, natural-gas-chemical, oil and gas fields, storage and transportation, etc.

About Shaanxi Yanchang Petroleum Group Corp. Ltd.:

Formerly "Yanchang Oil Plant" founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located is an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the "twelfth five-year" period. In 2012, Shaanxi province became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons. They are also one of the largest producers of coal in China with 18 billion tons of coal reserves, and 300,000 bpd of oil production.