Genoil Inc. - an international engineering technology development company based in Alberta, Canada - has announced that
Viscount Timothy Torrington [pictured] has joined its advisory board.
In a statement, Genoil said: "Lord Torrington regards this as a most exciting time to join Genoil as it seizes the major opportunity in the bunker fuel market where the International Maritime Association [
sic] [
recte Organization] regulations stipulate a reduction of sulphur content in bunker fuel from over 4% in cases to a maximum of from .1% to .5% around the world effective in stages from January 1, 2015 to January 1, 2020. Genoil is presently working to develop a major bunker fuel desulphurization project at the Port of
Rotterdam.
"Lord Torrington is particularly excited about this Rotterdam project and believes that this will be the first mover project that facilitates the roll out of the GHU desulphurization technology around the ports of the world such as
Singapore,
Fujairah and others."
The company added that it is working on three major contracts in Asia, Europe and in the Middle East. Drafts are said to have been exchanged between the parties and negotiations are described by Genoil as "ongoing".
Earlier this year, in April,
OW Bunker announced that it had signed a memorandum of understanding (MoU) with Genoil to build a facility for the production of 0.1% low sulphur fuel oil, and provide ship owners and operators with the opportunity to buy a cheaper product than distillates that still meets emission control area (ECA) compliance regulations.
As part of the deal, Genoil agreed to finance the building of a hydroconversion upgrading system (GHU) within Europe. The facility is primarily designed for hydrocracking and the desulphurisation of fuel oils. OW Bunker will be providing the initial feed oil for the GHU and, following the desulphurisation process, has agreed to buy one million tonnes of 0.1% low sulphur fuel oil at an agreed price each year.
Viscount Torrington
Viscount Torrington's career has involved technical, administrative and financial roles in the worldwide natural resource industries and extensive contacts and negotiations with financial institutions and governments at many levels.
He graduated as a geologist from Oxford University in 1964 and spent ten years in the mining industry, largely in Southern Africa with
Anglo American Corporation and
Lonrho. He became chief executive officer (CEO) of the
Attock Oil Company (later
Anvil Petroleum) and subsequently served as chairman of
Expro North Sea, a UK-based international service company. In 1994 he became managing director of
Heritage Oil & Gas, initiating its entry into oil and gas discoveries in Congo Brazzaville and Uganda's Western Rift Valley.
Viscount Torrington also served on the House of Lords European Communities Energy Committee, chairing it from 1984 to 1987. He is currently a non-executive director of
Lansdowne Oil & Gas plc and involved in wildlife charities in Africa.
Non-brokered private placement
Genoil also announced that it has closed a non-brokered United States private placement, pursuant to which the Corporation issued 4,314,000 common shares, at a price of USD $0.05 per share for total gross proceeds of $215,700.00. The common shares issued in connection with the private placement are subject to hold periods pursuant to relevant governmental holding periods. In connection with the shares issued for this private placement the company issued 4,314,000 warrants at a strike price of .05.
Genoil said that it has settled debt for $289,971.68 for 5,799,434 common shares at a price of $0.05 USD per share as part of shares for debt settlement agreements with various parties for consulting services performed.
"Genoil has substantially reduced its burn rate while at the same time it has continued to expand the organization and opportunities as reflected in the fact that we are negotiating three contracts simultaneously. In addition, we have expanded our territorial coverage through agents to cover most of the heavy oil reserves in the world and are in talks with many countries often at the highest levels of government as well as their national oil companies. We welcome with pleasure Tim Torrington to our Advisory Board whose experience in Africa, the Middle East, Asia and the North Sea will be invaluable to us," commented
David Lifschultz, CEO of Genoil.
