USA (212) 688-8868 sales@genoil.net

GENOIL INC. AND OCM TASIMACILIK SIGN A MEMORANDUM OF UNDERSTANDING TO JOINTLY DEVELOP OIL WATER TREATMENT PROJECTS (2008-08-08)

GENOIL INC. AND OCM TASIMACILIK SIGN A MEMORANDUM OF UNDERSTANDING TO JOINTLY DEVELOP OIL WATER TREATMENT PROJECTS
2008-08-08

 

Calgary, Alberta, Canada & Istanbul, Turkey — August 8, 2008 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) has entered into a Memorandum Of Understanding (“MOU”) with OCM Tasimacilik Lojistik Madencilik Ticaret Ve Sanayi A.S. (“OCM”), one of the largest conglomerates in Turkey, to jointly cooperate and develop oil water separation projects.

The Corporation’s CEO, Mr. David Lifschultz, met with representatives of OCM Holdings yesterday in Istanbul. OCM has extensive exposure in Russia, the former Soviet Republics, the Middle East, Africa, and around the world, and will assist Genoil in its efforts to market the oil water separation equipment.
Genoil has pioneered different oil water treatment technologies that can be applied for treating and decontaminating ships bilge water. In Coast Guard tests, Genoil’s Crystal Sea units, the newest generation of our existing Crystal technology, have exceeded U.S. Coast Guard regulations.
Genoil and OCM have come up with new environmental applications for the Crystal oily-water separation marine units. Through this joint venture the companies expect to generate substantial ongoing revenues from the processing of bilge water, contaminated water and produced water in various applications.
Genoil’s oily-water separators can also be used for polishing produced water downstream of free water knock-out units and reclaiming such crude oil, which could be sold to oil companies or other third parties.  The Genoil technology provides a necessary and profitable option to this application, allowing for an effective environmental solution to this otherwise contamination hazard.
Genoil anticipates further press releases with updates on the trip to China and negotiations on more favorable market terms for our upgrading project with Haiyitong, Inc., refinery.
 
As part of the trip, the Genoil team has been working to finalize relationships in the Middle East, making presentations to major oil companies, producers and refiners.
 
About Genoil
Genoil Inc. is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
 
For further information contact:
David Lifschultz
Chairman and CEO
(212) 688-8868
 
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