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David Lifschultz, CEO of Genoil Inc., Interviews on Uptick Newswire’s “Stock Day” Podcast to Discuss Major Project
David Lifschultz, CEO of Genoil Inc., Interviews on Uptick Newswire’s “Stock Day” Podcast to Discuss Major Project.
About this update from Genoil Inc.
[{"type":"text","content":"\nPHOENIX, June 06, 2018 (GLOBE NEWSWIRE) -- Uptick Newswire recently welcomed David Lifschultz, the CEO of Genoil Inc (OTCQB:GNOLF) (Genoil, “the Company”) back onto the “Stock Day” podcast. The interview covered multiple topics, including a 50 billion dollar project proposal to Saudi Aramco to upgrade and desulfurize their heavy oil to a better quality oil than WTI and Brent. The proposal covers a plan to convert 3.5 million barrels per day of oil, which is a larger quantity of oil coming from the ground than Exxon produces even after operating for 136 years. Genoil has presented to the Saudi Arabian crown prince, Mohammad bin Salman, an initial letter of intent from the Chinese Development Bank for 5 billion dollars that will cover the initial 500,000 barrels per day of the project. The crown prince’s interest in the project is connected to the Saudi Aramco I.P.O.; he is particularly interested in the fact that China will purchase the entire 3.5 million barrels per day of the offtake at an agreed upon price in relation to the spot. The offtake can be used to repay the entire 50 billion dollar loan to finance the project. These proposals are presently on the desk of Mohammad bin Salman for review.\n Genoil recently put out a press release detailing the company’s move to Curacao. Corporations Canada has approved the move of Genoil to Curacao. This move will grant company shareholders in Canada the ability to trade stock in the United States. The opportunities here are two-fold; Curacao is the home of one of the largest oil service companies in the world, and the legal system in Curacao has been designed to allow oil service companies maximum flexibility. Genoil has also offered to Russia 50 billion dollars for oil development projects. Currently, the company is working on two projects in Russia, one in Yakutia and the other in Astrakan, for about 40 billion dollars in cost. The goal is to develop 3.5 million barrels per day of new oil production in Russia to be piped via pipeline to China. In addition, Genoil is working with Pemex in Mexico on potentially 1 million barrels per day of heavy oil to be converted into light oil. At the present time, Pemex uses light oil to blend with the heavy oil to make it saleable. In contrast, Genoil processes the heavy oil and converts it to light oil, rende...