Chinese National Offshore Oil Company Ltd. Division Signs Contract With Genoil
October 28, 2014 07:23 ET
Chinese National Offshore Oil Company Ltd. Division Signs Contract With Genoil to Build a $700 Million Refinery
NEW YORK, NEW YORK–(Marketwired – Oct. 28, 2014) – Genoil Inc. (OTCBB:GNOLF). Hebei Zhongjie Petrochemical Company Ltd., which operates as a subsidiary of CNOOC, signed a contract for a one million two hundred thousand tons per year refinery, utilizing the Genoil Upgrading Process. The Refinery will produce finished products for sale in the local Chinese market.
The previous engineering work and feasibility study done by the Chinese Petroleum Engineering Co, Ltd – Dalian Company, which is a division of Chinese National Petroleum Company (CNPC), will be the base for this new project. Genoil has already invested a substantial amount in the millions of dollars for this engineering work.
Hebei Zhongjie Petrochemical Company will make a 30% direct investment in the project. The profits are to be shared on a 50%-50% basis between Genoil and Hebei Zhongjie Petrochemical Company for the life of the project.
It has been the intention of CNOOC to significantly expand the annual refining capacity of Hebei Zhongjie Petrochemical Company’s refining operation. “Genoil is excited to be participating in their expansion plans” says David Lifschultz, CEO of Genoil.