NEW YORK, NY / ACCESSWIRE / May 10, 2022 / (OTC PINK:GNOLF) Genoil announces that it has completed the bankable feasibility study for the planned refinery in Oman. The company is proceeding to finalize the project. Ras Madrakah owns the only private refinery license ever granted by the Government of Oman and project has received strong local support. Eight hundred hectares of land has been reserved for the project. Government gas supply is in place, there are three crude feedstock agreements in place for up to 200,000 barrels per day and three refined product offtake contracts have been secured as well. Eight square kilometers of land has been secured in the Special Economic Zone Authority of Duqm (SEZAD). The local licenses allow for export and import of products, sea and coastal oil and gas water transport and construction of petrochemical complexes. The local licenses have no limitation on project capacity and will allow for expansion in the future.

The project will be very stimulative to the local economy and is estimated to create eighteen thousand jobs for the Sultanate of Oman and will utilize many existing contractors and local manufacturing vendors. It is expected that once the project is up and running it will be operated by Beijing Petrochemical and Yanchang Petroleum Limited.

About Duqm Port:

Port of Duqm, a joint venture between the Omani Government and Port of Antwerp, started operations in late 2012 and has since evolved into a world class deep sea port. SEZAD is the largest economic/free zone in MENA with an area of 2,000 sq km. Its location on the eastern coast of the Sultanate of Oman, 450km the south of Muscat, provides it with major strategic locational advantages in terms of being on the doorstep of some of the busiest global shipping routes linking into the Gulf, Asia, East Africa and Europe while being outside the Straits of Hormuz. Incentives for investing in SEZD include 100 per cent foreign company ownership, a corporate tax exemption for 30 years, no minimum capital requirements and renewable 50-year land infrastructure agreements at competitive rates.

About Ras Madrakah Petroleum:

RAS MADRAKAH PETROLEUM INDUSTRY COMPANY L.L.C. (RMPIC) is a major group in Oman established with a vision to be recognised as a world-class refinery & petrochemical businesses, delivering quality oil products across the world, driving growth of Duqm Free Zone and Omani prosperity in general.

About BPEC:

BPEC was founded in 1979 and is a first class engineering company based in Beijing and its parent company is Shaanxi Yanchang Petroleum Group Corp Ltd.. BPEC currently has about 1200 employees and holds a class A qualification of engineering consulting and engineering design. The company has been mainly engaged in engineering consulting, engineering design, EPC, engineering technology development and other related business in the fields of refining, petrochemical, coal-chemical, natural-gas-chemical, oil and gas fields, storage and transportation, etc.

About Shaanxi Yanchang Petroleum Group Corp. Ltd.:

Formerly "Yanchang Oil Plant" founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located is an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the "twelfth five-year" period. In 2012, Shaanxi province became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons. They are also one of the largest producers of coal in China with 18 billion tons of coal reserves, and 300,000 bpd of oil production.

Forward Looking Statements:

Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.

For further information, please contact:
David Lifschultz
Tel: +1 212 688 8868
Email: dklifschultz@Genoil.Ca

SOURCE: Genoil Inc.