“We believe that our technology can provide the market with cheaper, compatible and compliant fuel products”
– Bruce Abbott, President & COO, Genoil
Genoil Inc. (Genoil) today announced that it has signed a memorandum of understanding (MoU) with the Bomin Group (Bomin) for the development of low sulfur fuel products in preparation for the implementation of the 0.50 percent global sulfur cap on marine fuel in 2020.
“With the 2020 global sulphur cap now confirmed, we are delighted to explore this potential partnership with Bomin Group, and test the market opportunity for 0.5 percent low sulphur fuel oil,” said Bruce Abbott, President and COO at Genoil.
“We believe that our technology can provide the market with cheaper, compatible and compliant fuel products, at a time when there are real concerns within the industry over the supply and cost of distillates, and other solutions.”
Under the MoU, the two companies will work together to develop a framework agreement for the supply of compliant low sulfur products, produced using Genoil’s technology and Bomin’s global physical supply and storage infrastructure.
“Bomin’s global infrastructure and network, and their expertise in physical supply and storage makes them an ideal partner to explore this opportunity,” said Abbott.
Genoil’s Hydroconversion Upgrader (GHU) converts heavy crude oils and refinery residual products into lower emission energy, removing sulfur from HFO – a process that genoil says makes the fuel into cost-effective low sulfur fuel oil without altering quality.
In November, Genoil announced that it had signed a $50 billion Letter of Intent (LOI) for the development of oil fields with clean technology upgrades, refineries, and pipelines in Russia, which will incorporate GHU process for desulfurisation.