Hebei Zhongjie and Genoil Inc. have signed a contract and plan to establish a new company called Dora Energy Technology Company this month for the construction of advanced heavy oil refineries. This project will utilize the Genoil GHU Technology. Hebei Zhongjie Petrochemical has already invested RMB 25,000,000 to date.

The parties have completed a new feasibility study and technological selection required for the new refinery project. A well-known private Chinese engineering firm has been selected for the engineering and they calculate the project will generate a 32% rate of return on equity and will have a payoff of 7 years.