World News
Genoil Takes Another Step Towards Proving its Desulfurization Tech for Cheap 2020 Bunkers
Genoil Inc. (Genoil) has commenced the testing of Pemex oil through its GHU technology to convert the heavy oil into light de-sulfured oil.
The move is the latest step at proving the efficacy of its its Hydroconversion Upgrader (GHU) that seeks the cost effective removal of sulfur from crude oil.
As Genoil previously told Ship & Bunker, in May the firm sent high sulfur crude oil samples from Pemex, (the Mexican State-owned petroleum company) to the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry located in Bashkortostan to be converted into low sulfur crude using its GHU technology.
"This will demonstrate the commercial viability of the technology and will also support the engineering and design feasibility of a large-scale commercial GHU facility," Bruce Abbott, COO, Genoil, told Ship & Bunker at the time.
The firm remains bullish on its technology, and maintains it could offer the industry big savings on bunker costs.
"Genoil could be 90% cheaper than Gasoil at 2020. I am using a bunker cost today of $421.67 per ton and Gasoil at $684.08 and the Genoil charge of around $47.00. This will produce a dynamic savings for the shipping industry of a 100 billion dollars per year," says David Lifschultz, Chairman of Genoil.
Genoil says it is now working on two additional tests; one for a global, independent assurance group servicing the shipping industry for the purpose of advising the shipping industry regarding the Genoil solution to the 2020 sulfur problem and the other is a test for a major, national oil company.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
Popular Now More
-
Apr 18Singapore's authorities are in the process of developing a regulatory framework for a methanol bunkering licence, and plan to call for applications for the licence by the end of this year. -
Apr 19The firm has chartered the 7,994 DWT barge Margherita to add to the operation, operated by Fratelli Cosulich. -
Apr 19The company is looking for candidates with proven experience in bunker trading and demonstrated leadership experience.