Business
Genoil Successfully Upgrades Petróleos Mexicanos' Pemex Crude Oil
Genoil Successfully Upgrades Petróleos Mexicanos' Pemex Crude Oil.
About this update from Genoil Inc.
[{"type":"text","content":"MEXICO CITY, MEXICO / ACCESSWIRE / October 10, 2018 / Genoil (OTC PINK: GNOLF) announced that it has dramatically improved overall performance and capabilities of its heavy to light crude oil upgrading technology ''Genoil GHU Technology.'' This further proves the GHU Upgrader's flexibility and high profitability for conversion of Pemex crude oil. Converted high quality GHU crude oil can be exported from Mexico at a substantially higher price, with an estimated profitability of over $50.00 per barrel at today's oil prices. The GHU is a cutting edge advanced hydroconversion technology which is based on a common refining process utilized globally to remove sulfur and other impurities in a variety of feedstocks. Genoil is using new and improved catalyst that considerably increases performance and reduces operating costs.At the wellhead, Genoil provides a complete standalone upstream solution for oil producers to substantially increase the value of crude oil through upgrading and sulfur reduction and reduced transportation costs. GHU Technology increases profit margins by eliminating the need for very costly blending or diluents for transport and virtually eliminates the need for natural gas for steam generation for thermal recovery. With International Maritime Organization's 2020 legislation just around the corner and the price of crude oil rising drastically in recent months, which is forecasted to go much higher, Genoil is perfectly positioned to take advantage of these market trends. Genoil anticipates two more upcoming tests in the near future, one for a leading provider of compliance, consultancy service and classification to the marine industry who will dispatch personnel to UFA to witness the processing of fuel oil in UFA. The second for a national oil company which currently has over one million barrels per day of heavy oil production. Data collected for Petróleos Mexicanos (PEMEX) will support the engineering and design of commercial GHU heavy to light crude oil upgrader.At the demonstration facility, heavy Pemex crude oil was converted by Genoil's GHU Technology to a much lighter crude oil with demonstrations conducted at both normal throughput (100%) capacity and increased throughput (200%) capacity. At 100% throughput the feedstock was 10 API and was increased to 29 API. Sulfur content was 3.56 % wt. and was red...