Genoil Signs MOU for LSFO Collaboration with Bomin
The MOU sees the two companies confirm their mutual intent to provide a framework, which will aim to develop a co-operation agreement to supply the market with compliant low sulphur products, utilising 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 sulphur from Heavy Fuel Oil (HFO), without altering the quality, and turns it into compatible and more cost-effective low sulphur fuel oil, compliant with new MARPOL Annex VI regulations, which mandates the use of fuel with a sulphur content of less than 0.5% globally from 2020. Genoil’s innovation improves upon the existing data-verified 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.