This could lead to the collaboration in developing low sulfur fuel products compliant with the IMO’s newly announced global low sulfur fuel regulations.
The MOU sees the two companies confirm their mutual intent to provide a framework to supply the market with compliant low sulfur products, using 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 removes sulfur from heavy fuel oil (HFO), without changing the quality, and turns it into compatible and more cost-effective low sulfur fuel oil, compliant with new MARPOL Annex VI regulations.
Genoil’s innovation improves upon the existing 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, Genoil’s President and COO, commented:“With the 2020 global sulfur 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,”he said.
Genoil has also appointed Raushan Telyashev as vice president of Genoil Middle East.