Genoil Inc, a publicly traded clean technology
engineering company for the petroleum industries,
has announced the signing of a Memorandum of Understanding (MOU) with the Bomin Group, a leading global physical supplier and trader of marine fuel,
for a potential collaboration to develop low sulphur fuel products compliant with the International Maritime Organization’s (IMO) 0.50% global low sulphur fuel limit.
The MOU sees the two companies confirm their mutual intent to provide a framework aiming to develop a co-operation agreement
to supply the market with compliant low sulphur products,
utilising Genoil’s technology, in conjunction with Bomin’s global physical supply and storage infrastructure.
Genoil’s proprietary technology, the Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery residual products into cleaner, lower emission energy. The GHU is said to remove sulphur from heavy fuel oil (HFO), without altering the quality, turning it into more cost-effective low sulphur fuel oil that will comply with the 2020 global sulphur cap of 0.50% under MARPOL Annex VI regulations.
Genoil’s innovation improves upon the existing data-verified Fixed
Bed Reactor technology, which is currently used in nearly 85%
of the world’s reactors.
A Genoil GHU unit can be placed in locations including receiving terminals, pipelines and ports.
Bruce Abbott, President and Chief Operating Officer, Genoil Inc, commented: “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% low sulphur fuel oil. 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. Bomin’s global infrastructure and network, and their expertise in physical supply and storage makes them an ideal partner to explore this opportunity.”