Shares of Genoil (OTC:GNOLF) hit a new 52-week high of $0.26 per share today on very heavy volume of 1.3 million shares. The company only averages about 170,000 shares traded per day. The most recent news for Genoil comes from a press release issued yesterday discussing its new Dubai corporation.
In the press release, Genoil announced the formation of a new corporation in the Middle East with S.B.K. Holdings in the United Arab Emirates. The corporation is named “Genoil Emirates.”
S.B.K. Holdings, which is based in Dubai, is a privately held global holding company of His Highness Sheikh Sultan bin Khalifa. His Highness is the eldest son of His Highness Sheikh Khalifa bin Sultan Bin Zayed Al Nahayan, President of the United Arab Emirates, Supreme Commander of the UAE Armed Forces, and Ruler of Abu Dhabi. S.B.K. Holdings has interest in oil & gas exploration, refining, and distribution. Additional areas that the Company focuses on are petrochemicals, lubricants, power generation, steel manufacturing, private equity, banking, and insurance.
The purpose of this new corporation is to create projects in the U.A.E. for all of Genoil’s technologies, including; desulfurization, oil upgrading and recycling, water purification port technologies, well testing, and sand cleaning. Currently the United Arab Emirates has the seventh largest oil reserves in the world and is looking to expand production. Abu Dhabi itself has nine percent of the world’s oil reserves, which are estimated at 98.2 billion barrels, and five percent of the world’s natural gas reserves, which are estimated at 5.8 trillion cubic meters.
Genoil is a publicly traded Canadian engineering technology development company headquartered in Edmonton, Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta Romania, and now Dubai & Abu Dhabi. Genoil operates two major research facilities located Canada and Romania.
Genoil’s research and development (R&D) personnel develop cutting edge methods and new breakthrough patents to find solutions to the world’s energy problems. It owns and operates a world class hydroconversion upgrader (GHU) complete with independent water electrolysis unit for high purity hydrogen supply, hydrogen compressor, electrical substation, fired heater, low-pressure separator for vapor-liquid separation, and a PLC for automated operational control in Two Hills, Canada.
Additionally, Genoil has developed a port cleaning system, which aims to collect and treat the pollution from ships in an effort to eliminate the potentially harmful effects to the environment. Genoil also has a slop oil treatment process. The team has come up with a proprietary processes which utilizes many new technologies working in conjunction with the Crystal Separator. The Genoil Crystal Sea water separators utilize a patented, unique, gravity driven process for multi-stage separation of immiscible phases with different densities such as heavier or light oils and water.
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