BEIJING, China, Jan. 11, 2016 /CNW/ - Genoil (GNOLF) &
Beijing Petrochemical Engineering Company (BPEC), an engineering
division of Shaanxi Yanchang Petroleum Group Corp Ltd. one of the
four largest petroleum companies in China and a Fortune 500 Company with over
$43 billion dollars in assets, and
over $25 billion dollars a year in
revenues, are pleased to announce they have signed a general
alliance agreement for Genoil GHU projects, to provide EPC services
and to develop sales and marketing for Genoil's GHU technology
around the world. As part of the agreement, BPEC will be Genoil's
EPC contractor, and will offer clients an EPC project and process
guarantee for projects based on the Genoil GHU Technology.
Both parties have a combined strategy and strong willingness to
finalize contracts and are pursuing Genoil leads with a joint
marketing and sales effort inside and outside of China.
BPEC and Genoil's senior management are in regular contact with
CEO's of many major oil companies, and we intend to support Genoil
with joint presentations all around the world to contribute to
finalizing sales.
"Yanchang Petroleum is climbing the Fortune 500 list, and rose
from 430 to 380 this year, demonstrating their fast paced growth.
BPEC brings project management and EPC experience to Genoil and
enables us to execute any sized project. With their fast growth, we
are very happy to have BPEC on our team," says Bruce Abbott.
About BPEC:
BPEC was founded in 1979 and is a first class engineering
company based in Beijing and its
parent company is Shaanxi Yanchang Petroleum Group Corp Ltd.. BPEC
currently has about 1200 employees and holds a class A
qualification of engineering consulting and engineering design. The
company has been mainly engaged in engineering consulting,
engineering design, EPC, engineering technology development and
other related business in the fields of refining, petrochemical,
coal-chemical, natural-gas-chemical, oil and gas fields, storage
and transportation, etc.
About Shaanxi Yanchang Petroleum Group Corp. Ltd.:
Formerly "Yanchang Oil Plant" founded by the Qing regime in
Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and
the driller of the first oil well on the Chinese continent.
Shaanxi Province where Yanchang
Petroleum is located is an emerging key oil & gas province in
China, with rapid growth of 5
million tons oil & gas equivalent on average every year since
the beginning of the "twelfth five-year" period. In 2012,
Shaanxi province became
China's largest oil &
gas-producing province with oil & gas equivalent of over 60
million tons. They are also one of the largest producers of coal in
China with 18 billion tons of coal
reserves, and 300,000 bpd of oil production.
Forward Looking Statements:
Statements included in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks and uncertainties such as competitive factors,
technological development, market demand, and the company's ability
to obtain new contracts and accurately estimate net revenues due to
variability in size, scope and duration of projects, and internal
issues in the sponsoring client. Further information on potential
risk factors that could affect the company's financial results can
be found in the company's Reports filed with the Securities and
Exchange Commission.
SOURCE Genoil Inc.