Genoil Inc has signed an agreement with the Client and Beijing Petrochemical Engineering Company, a subsidiary of Yanchang Petroleum. The project will utilize the Genoil Upgrading Technology GHU Process. Genoil will license its proprietary technology, process design package, training, and advisory services, as well as proprietary catalyst and equipment supply. Beijing Petrochemical has been selected to perform the feasibility study, the Front-End Engineering Design (FEED) to do the project management and act as project EPC contractor including EPC contractor for the construction of storage tank farms, project offsite facilities including the product export terminal, and other required infrastructure such as pipelines. Ras Madrakah owns the only private refinery license ever granted by the Government of Oman and project has received strong local support. Government gas supply is in place, there are three crude feedstock agreements in place for up to 200,000 barrels per day and three refined product offtake contracts have been secured as well. The facility will utilize up to nine crude oil storage tanks, with a capacity of 500,000 barrels each, in Ras Markaz. An 80 km-long, 28 inch diameter underground pipeline will supply the feedstock from the crude oil storage tanks in Ras Markaz to the Genoil Duqm refinery.

The project feasibility study is well underway and it is anticipated that it shall be completed in December 2021.

Genoil announces that it has completed the bankable feasibility study for the planned refinery in Oman. The company is proceeding to finalize the project. Ras Madrakah owns the only private refinery license ever granted by the Government of Oman and project has received strong local support. Eight hundred hectares of land has been reserved for the project. Government gas supply is in place, there are three crude feedstock agreements in place for up to 200,000 barrels per day and three refined product offtake contracts have been secured as well. Eight square kilometers of land has been secured in the Special Economic Zone Authority of Duqm (SEZAD). The local licenses allow for export and import of product, sea and coastal oil and gas water transport and construction of petrochmical complexes. The local licenes have no limitation on project capacity and will allow for expansion in the future. The project will be very stimulative to the local economy and will utilize many existing contractors and local manufacturing vendors.