Genoil Appoints Middle East VP
Genoil Inc. (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, announced the appointment of Raushan Telyashev as Vice President of Genoil Middle East.
Raushan Telyashev has a wealth of experience in the oil and gas industry. Prior to joining Genoil, Mr. Telyashev worked at Lukoil where he was Deputy Head of the Department of Construction, in charge of the execution of projects, and General Director of their Design and Research Institute.
Mr Telyashev was also manager of the petrochemical group of Shell companies. Most recently, he has been General Director of LLC “Energy and Engineering”. Mr. Telyashev is the published author of many scientific and technical articles and patents, as well as a member of a number of committees and councils, including the Skolkovo Scientific and Technical Council of the Russian Federation’s governmental industry development fund. In 2016, he was honoured with the certificate of appreciation from the Deputy Head of the Energy Council of the Parliament of the Republic of Iraq.
He joins Genoil as the company expands and develops its operations in key strategic locations, including Russia and the Middle East. In April 2016, Genoil announced, in conjunction with consortium partner Beijing Petrochemical Engineering Co Ltd (BPEC), the receipt of a $5 billion Letter of Intent (LOI) for the funding of a 500,000-barrels per day (bpd) desulfurization and upgrading project located in the Middle East.
Genoil’s proprietary technology is the Genoil Hydroconversion Upgrader (GHU), an advanced upgrading and desulphurization technology, which converts heavy or sour crude oil into much more valuable low Sulphur oil, for a low cost. Genoil’s innovation improves upon the existing data-verified Fixed Bed Reactor technology, which is widely used worldwide. Currently, 85% of all desulphurisation is taking place worldwide via hydroconversion. Genoil’s technology, an investment into hydroconversion projects, can help further desulphurise fuel in order to be compliant with global 2020 legislation. Furthermore, it significantly increases the desulphurisation, demetalisation and denitrogenisation conversion rates, and increases operating efficiencies by 75%.
Mr. Telyashev will be based in the Middle East & Russia.
The appointment highlights the company’s commitment to continued growth and development in expanding its business and developing partnerships with key stakeholders. In February 2017, Genoil announced the signing of a Memorandum of Understanding with one of the world’s leading physical marine fuel suppliers, the Bomin Group, to collaborate on developing low sulphur fuel oil products for the shipping industry.
