Genoil Inc. (TSX.V: GNO) (OTCBB: GNOLF.OB) has signed a memorandum of understanding with Tianjin Port, one of China’s major shipping harbors.
The MOU with Tianjin Port is for the introduction and implementation of Genoil’s oil-water separation system to treat and clean bilge water of oil, contaminants, chemicals and pathogens. This is the second Chinese port to sign an agreement with Genoil to use its oil-water separation technology. Tianjin Port is located 170 km south east of Beijing and east of Tianjin city – China’s third largest city. During 2007, Tianjin Port was the fourth largest port in China and sixth largest in the world with over 300 million tons of annual throughput. Tianjin Port’s total container throughput reached 7.1 million twenty-foot equivalent units (TEUs) last year, making the Port one of the world's top 20 container ports.
Similar to the recently announced MOU with the Qinhuangdao Port – the world’s largest coal port – Genoil will either furnish a pilot unit or build a full production unit to speed up the final implementation of the project. The company hopes to make a decision on which type of unit it will provide Tianjin Port shortly. The oil-water separation system will be produced in China by Genoil’s manufacturing partner DongHwa Entec Co., Ltd providing the Company with low production and transportation costs. Genoil expects to have a unit installed within the next four months for Tianjin Port to demonstrate the efficiency of Genoil’s equipment at eliminating oil and other pollutants from the water in a ship’s bilge, and return clean water back to the waterway. The company anticipates recognizing sales and profits in 2009 and is optimistic that the unit will be accepted because of the technologies’ flawless operation at sites across the world over the past 10 years.