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Genoil Inc. and OW Bunker signed a Memorandum of Understanding, to build an upgrader for which OW Bunker will supply the feed oil to Genoil. The companies have already selected a site in the port of Rotterdam. As part of the agreement, Genoil will build the Hydroconversion Upgrading System (GHU), while OW Bunker has agreed to purchase one million tons a year of low sulfur IFO from Genoil at an agreed price. The purpose of this partnership is produce inexpensive low sulfur bunker fuel for the shipping industry.