NEW DELHI, India, Sept. 12, 2017 (GLOBE NEWSWIRE) — Genoil Inc. (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, today announced the appointment of Mr. Nari Narayanan as Vice President of Genoil’s India operation. The development comes as interest in Genoil’s desulphurisation technology continues to increase rapidly in line with the global demand for cleaner energy.
At Genoil Mr. Narayanan will be responsible for sourcing and progressing market opportunities throughout India. The country is investing in a wide range of measures to green its energy system and reduce sulphur emissions.
Mr. Narayanan has extensive financial experience drawn from a variety of senior roles across investment and corporate banking. He joins Genoil from Kuberon Capital LLC where he was a managing partner. Previously he was a Senior Vice President of Investment Banking at Source Capital Group focusing on the BPO (business process outsourcing) and IT sectors, and cross border mergers and acquisitions.
Among Mr. Narayanan’s other roles he was the Senior Managing Director and portfolio manager at Bear Stearns Asset Management with $150M assets under management. He was also a Managing Partner at Heckman Global Advisors, Inc and a Senior Vice President of Investment Banking for structured fixed income with Salomon Smith Barney’s Global Derivatives Group. He has also held senior positions with Lehman Brother’s Global equity and derivative strategies team, and Salomon Brothers.
His energy expertise includes leading an initiative to form a Middle East based investment bank for energy, mining and agricultural resources across the globe. Additionally he has worked on significant financing and securities projects across the UAE and the Gulf region.
Mr. Narayanan has a MBA from Columbia University School of Business, a M.S. in Computer Science from the University of Texas and a Bachelor of Technology from the Indian Institute of Technology, Madras, India.
Commenting on the appointment, Bruce Abbott, COO of Genoil, said: “I am delighted to welcome Nari to the Genoil team. His extensive finance and energy expertise will be of huge benefit as Genoil expands further into the Indian sub-continent to bring clean energy to new markets.”
About Genoil Inc.:
Genoil is a publicly quoted clean technology engineering company for the petroleum industries. Genoil is headquartered in New York City, with offices in Calgary, Sherwood Park, Constanta Romania, and Dubai & Abu Dhabi. Genoil has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site in Alberta, Canada.
About The Genoil Hydroconversion Upgrader:
The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulphurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.
The GHU achieves 96% pitch conversion and 95% desulphurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
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