Genoil has signed a letter of intent (LOI) to develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia.
The $50billion deal will incorporate the firm’s efficient clean technology hydroconversion process.
It marks the first time Genoil has provided a complete integrated project from the development of oil fields to the production of cleaner fuels.
Genoil said the scope of the project is to produce 3.5million barrels per day.
Thomas F. Bugg, vice president of Genoil Canada, said: “The negotiation of this LOI marks an important milestone from Genoil, demonstrating that we can act as a service provider as well as a technology provider. Building on our previous Letter of Intent from a Chinese bank in April of this year, this latest agreement further supports our commitment to develop sustainable energy sources, helping to solve the supply challenges we face now and in the future.”
In addition to the development of the oilfields and construction of the technology, the parties involved will also explore linking the new project to existing pipeline networks in the region.
The fiance will be provided in full from Chinese banks to the Russian companies involved.
