The LSFO products would be in compliant with IMO’s impending global low sulphur fuel content cap of 0.5% by 2020.
The MOU will see 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 global physical supply and storage infrastructure.
“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,” said Bruce Abbott, president and coo, Genoil.
“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,” Abbott added.
Genoil’s proprietary technology, the Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery residual products into cleaner, lower emission energy. The GHU removes sulphur from heavy fuel oil, without altering the quality, and turns it into LSFO.