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Genoil Announces Formation of a New Corporation with S.B.K. Holdings and the Opening of Offices In Dubai and Abu Dhabi

 
 
Press Release Source: Genoil Inc. On Thursday October 7, 2010, 8:47 am EDT

CALGARY, ALBERTA–(Marketwire – 10/07/10) – Genoil (TSX-V:GNO – News)(OTC.BB:GNOLF – News), the most advanced petroleum technology company in the world, announced today the formation of a new corporation in the Middle East with S.B.K. Holdings in the United Arab Emirates. The corporation is named “Genoil Emirates.”

S.B.K. Holdings, which is based in Dubai, is a privately held global holding company of His Highness Shaikh Sultan bin Khalifa. His Highness is the eldest son of His Highness Shaikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, Supreme Commander of the UAE Armed Forces, and Ruler of Abu Dhabi. S.B.K. Holdings has interest in oil & gas exploration, refining, and distribution. Additional areas that the Company focuses on are petrochemicals, lubricants, power generation, steel manufacturing, private equity, banking, and insurance.

The purpose of this new corporation is to create projects in the U.A.E. for all of Genoil’s technologies, including; desulfurization, oil upgrading and recycling, water purification port technologies, well testing, and sand cleaning. Currently the United Arab Emirates has the seventh largest oil reserves in the world and is looking to expand production. Abu Dhabi itself has nine percent of the world’s oil reserves, which are estimated at 98.2 billion barrels, and five percent of the world’s natural gas reserves, which are estimated at 5.8 trillion cubic meters. In 2009, the U.A.E. produced 2.24 million barrels of oil, and is striving to increase production to four million barrels a day.

About Genoil:

Genoil is a publicly traded Canadian engineering technology development company headquartered in Edmonton, Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta Romania, and now Dubai & Abu Dhabi. Genoil operates two major research facilities located Canada and Romania. Genoil’s research and development (R&D) personnel develop cutting edge methods and new breakthrough patents to find solutions to the world’s energy problems. It owns and operates a world class hydroconversion upgrader (GHU) complete with independent water electrolysis unit for high purity hydrogen supply, hydrogen compressor, electrical substation, fired heater, low-pressure separator for vapor-liquid separation, and a PLC for automated operational control in Two Hills, Canada. Additionally, Genoil has developed a port cleaning system, which aims to collect and treat the pollution from ships in an effort to eliminate the potentially harmful effects to the environment. Genoil also has a slop oil treatment process. The team has come up with a proprietary processes which utilizes many new technologies working in conjunction with the Crystal Separator. The Genoil Crystal Sea water separators utilize a patented, unique, gravity driven process for multi-stage separation of immiscible phases with different densities such as heavier or light oils and water. For more information on Genoil, please go to http://www.genoil.ca.

About S.B.K Holding:

SBK Holding is a privately held global company based in Dubai UAE. SBK’s business interests and activities are extremely diverse. Some of their current business activities include: oil & gas exploration, refining, and distribution, petrochemicals & lubricants manufacturing, blending and distribution, power generation, steel manufacturing, food manufacturing and distribution, hotels & resorts, shopping centers, private equity, banking, insurance & financial services, real-estate, master planning, and infrastructure development, newspaper publishing and distribution, commercial and residential real estate investment, retail distribution and marketing marina development operations, agricultural and livestock, bloodstock breeding, aviation – regional service centers for Eurocopter and Gulfstream, and civilian aviation and military charter services. For more information on S.B.K. Holding, please go to http://www.sbkholding.com/.

Contact:



Contacts:
Genoil Inc.
David Lifschultz
Chairman & CEO
(914) 393-5800
DKLifscultz@genoil.net
www.genoil.ca