Genoil and Grupo Roales Announce Partnership to Develop Oil Projects in North America
Genoil, the publicly traded clean technology engineering company for the petroleum industry, and Grupo Roales have announced that that they have formed a ten-year alliance and partnership agreement to engage jointly in bids and develop projects in Mexico.
It is expected that these projects will use Genoil’s GHU advanced desulphurisation technology which converts heavy or sour crude oil into much more valuable, low sulphur oil, for a low cost at the fraction of the cost of traditional refining processes.
Grupo Roales will support Genoil with engineering, procurement and construction (EPC) work including; feasibility studies and detailed engineering design, procurement and design for the projects which will be applying Genoil GHU technology on an exclusive basis in Mexico. The companies are currently reviewing several projects in Mexico.
Grupo Roales was formed in 2008, and is an oil services company headquartered in Ciudad del Carmen, Campeche Mexico. Employing 415 people, the company is an expert in the regional supply and outsourcing of specialised technical administrative services to companies in the oil sector, helping to increase productivity, sustain growth and strengthen customer satisfaction, with a commitment to quality service, professionalism and compliance with the requirements of its customers.
The agreement is the latest in a series of strategic partnerships Genoil has developed with scientific, engineering, refining and financial organisations. Genoil is also progressing numerous initiatives worldwide including projects in Russia, the Gulf Cooperation Council region, North America, China, India and Vietnam.
Bruce Abbott, COO of Genoil, commented, “While the oil market in Mexico remains challenging, the alliance between Genoil and Grupo Roales Mexico provides the ideal combination of local knowledge with engineering and processing technology expertise.
“This is an exciting time for Genoil, as we look to expand our footprint within North America and we will be working closely with Grupo Roales Mexico to realise the potential of the projects we are jointly investigating.”