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Genoil Inc, a publicly traded clean technology engineering company for the petroleum industries, has announced the signing of a memorandum of understanding (MoU) with bunker specialist Bomin Group for a potential collaboration to develop low-sulphur fuel products compliant with the International Maritime Organization's (IMO) newly announced global low-sulphur fuel regulations.

The MoU sees the two companies confirm their mutual intent to provide a framework, which will aim to develop a cooperation agreement to supply the market with compliant low sulphur products utilising Genoil's technology, in conjunction with Bomin's physical supply and storage infrastructure.

Genoil's proprietary technology, the Genoil Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery residual products into cleaner, lower emission energy. The GHU is said to remove sulphur from heavy fuel oil (HFO), without altering the quality, and turn 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 maximum sulphur content of 0.5 percent globally from 2020.

Genoil says its innovation improves upon the existing data-verified, fixed-bed reactor technology, which is currently used in nearly 85 percent of the world's reactors. A GHU unit can be placed in receiving terminals, pipelines and ports.

Bruce Abbott, president and chief operating officer, Genoil Inc, commented: "With the 2020 global sulphur 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."

In November, Bunker Index reported that Genoil had signed a $50 billion letter of intent (LOI) to develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia. The project is to incorporate the GHU and marks the first time that Genoil has provided a complete integrated project, from the development of oil fields to the production of cleaner fuels. The scope of the project is to produce 3.5 million barrels per day.

In April, Genoil confirmed the receipt of a $5 billion letter of intent (LOI) for the funding of a 500,000-barrel-per-day (bpd) desulphurization and upgrading project in the Middle East. The project will see the implementation of Genoil's proprietary technology, producing 500,000 barrels per day of low-sulphur crude oil.