Business
Genoil Receives Letter Of Satisfaction From Canadian Regulatory Authority Allowing Continuance Of The Corporation To Curacao
Genoil Receives Letter Of Satisfaction From Canadian Regulatory Authority Allowing Continuance Of The Corporation To Curacao.
About this update from Genoil Inc.
[{"type":"text","content":"Genoil and Pemex agree on upgrading and desulfurization demonstration procedures for upcoming testing to be performed at UFA Scientific Research Institute of Petroleum Refining and PetrochemistryNEW YORK / ACCESSWIRE / May 29, 2018 / Genoil Inc., (OTCQB: GNOLF) announced today that it has finally received a letter of satisfaction from Corporations Canada approving Genoil's move to Curacao.Genoil intends to now take all necessary steps to continue the corporation to Curacao on a timely basis. This continuance has been planned for some time, as it will allow Canadian shareholders to once again trade Genoil stock. Curacao has a reputation as being one of the best jurisdictions and has one of the largest NY Stock Exchange energy company domiciled there. The Curacao jurisdiction will help Genoil to do business throughout the world, save on taxes, and still be located in an important energy center. Curacao offers global companies protection from political risks associated from doing business in different areas of the world.The move to Curacao is timely as things are progressing in Russia and Mexico. Genoil and Pemex have recently agreed on a demonstration test program at Genoil's engineering headquarters in Russia hosted by the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry in Bashkortostan, to test the Pemex heavy crude oil. The company's testing procedures have been developed by Raushan Telyashev and Viktor Solovyev. Raushan, formerly General Director of all Research and Development at Lukoil, was responsible for over eight hundred engineers at Russia's number two oil company. The test includes, preparation of catalyst, loading procedures, catalyst activation, temperatures, pressures recommended by Genoil's new catalyst partners, feed rates, analyses and conclusions.Genoil believes that the Pemex heavy crude oil test results will exceed the most recent Genoil demonstration tests done with the cooperation of China Petroleum Engineering and Construction Company (CPECC), a division of CNPC and yield improved hard data to expand a relationship with the largest EPC company in the world, one who has the necessary size to construct a large scale commercial Genoil GHU project in Mexico. CPECC is already deeply familiar with the Genoil Hydroconversion Upgrading process.Testing is expected to commence within the ne...