Welcome to Hudson Oil Corporation Ltd.

We are a Canadian company focused on the acquisition of under-valued energy assets and the execution of business strategies to maximize their value. We are currently directing our efforts at downstream energy opportunities in Eastern Europe.

Contact

  • Registered Office

  • 603 Argus Road, Suite 110
  • Oakville, Ontario
  • Canada L6J 6G6
  • info@hudsonoil.ca
  • Glimar Refinery

  • ul. Michalusa 1.
  • Gorlice, 38-300
  • Poland
  • T 48 18 353 95 10, 48 18 353 93 14
  • F 48 18 353 94 00
  • info@hudsonoil.ca

Corporate

About Hudson Oil

Hudson Oil Corporation Ltd. is a Canadian company focused on the acquisition of under-valued energy assets and the execution of business strategies to maximize their value. We are currently directing our efforts at downstream energy opportunities in Eastern Europe.

We are a development stage company engaged in the production of fuels, lubricants and other products using both conventional refining and Fischer-Tropsch (FT) gasification processes. Our principal asset, the Glimar refinery complex, is located in Southern Poland. It consists of a conventional refining complex, a newly refurbished hydrocracking complex with a zeoforming facility and an extensive tank farm, well connected to Poland’s railway and road systems, the electricity grid and natural gas delivery system. It has a current production capacity of 3,400 barrels a day, making it the fifth largest in Poland.

Corporate

Management

Paul McIvor – President and Chief Executive Officer


Paul McIvor began his career in investor relations, principally helping clients with late stage private equity financings, initial public offerings as well as the first two years of their lives as public companies. He later joined Lexington, a financial marketing firm in Toronto. Clients included Hydro One (Canada’s largest electricity transmission and distribution company), Agnico-Eagle Gold Mines, RBC Capital Markets as well as a number of smaller ventures. Mr. McIvor also served as a senior communications advisor to the Ontario Ministry of Health and Long-Term Care, where he managed communications for an arm of the government with a C$30B annual budget. Since leaving government service in 2006, Mr. McIvor has founded his own firm (Rosetta Public Relations Inc.), which advises private and public sector clients on communications and strategy. Mr. McIvor holds a BA from the University of Toronto and is an MA candidate at the University of South Africa.

Corporate

Directors

Wojciech Janowski – Executive Chairman


Mr. Janowski has, since 2007, served as the Honorary Consul of Poland to Monaco as well as with the Polish National Chamber of Commerce. He also serves as Chairman of Firmus SAM, a Monaco-based nanotechnology company active in the production of graphene and other epitaxial structures. Mr. Janowski has been active in the identification and development of business opportunities such as Hudson Oil and Firmus. Prior to this, he held director-level positions in hotel and casino management with Grand Metropolitan (UK) and SBM Monaco. Mr. Janowski holds an MA in economics from Cambridge University. He is a recipient of L'Ordre National du Mérite au Grade d'Officier, awarded by the President of France in 2010 in recognition of Mr. Janowski’s charitable activities.


Arkadiusz Krezel – Vice-chairman


Mr. Krezel’s industry experience extends from coal to metals and banking and includes restructuring and privatization work. He is currently the President and Chairman of the Supervisory Board of Aluminium Konin-Impexmetal SA. He also serves on the Supervisory Board of Boryszew SA. Prior to this, he served as Chairman of the Management Board of the Polish Industry Development Agency. He has held many other board positions in Polish industry and also advised the Polish government on numerous economic matters. Mr. Krezel is a member of the Polish-Japan Economic Committee and serves on the Management Board of the Polish-French Economic Chamber.


Paul McIvor – Director


Paul McIvor began his career in investor relations, principally helping clients with late stage private equity financings, initial public offerings as well as the first two years of their lives as public companies. He later joined Lexington, a financial marketing firm in Toronto. Clients included Hydro One (Canada’s largest electricity transmission and distribution company), Agnico-Eagle Gold Mines, RBC Capital Markets as well as a number of smaller ventures. Mr. McIvor also served as a senior communications advisor to the Ontario Ministry of Health and Long-Term Care, where he managed communications for an arm of the government with a C$30B annual budget. Since leaving government service in 2006, Mr. McIvor has founded his own firm (Rosetta Public Relations Inc.), which advises private and public sector clients on communications and strategy. Mr. McIvor holds a BA from the University of Toronto and is an MA candidate at the University of South Africa.

Assets

Glimar

Our principal asset is the Glimar refinery complex in Gorlice, southern Poland. This facility is capable of producing 3,400 barrels a day. We are in the process of restarting production at Glimar and developing strategic options for the hydro-processing complex of the refining, which can be used to produce higher quality end products or converted to produce synthetic fuels from feedstocks such as coal, natural gas and biomass.

Glimar is a refinery located in Gorlice, Southern Poland (approximately 360 km South of Warsaw, close to the Slovakian border). It is one of the oldest refineries in the world, having been established in 1885 following the discovery of oil in the region surrounding Gorlice.

Lurgi GmbH (a subsidiary of Air Liquide SA) recently completed the installation of the hydrocracking facility at the refinery. The facility is also equipped with isocracking, isodewaxing and hydrofinishing units licensed from Chevron Lummus Global and zeoforming technology.

The Glimar complex consists of:

  • A conventional refining complex – dominated by the DRW (destylacha rurowo-wieszowa, or fractional distillation column unit).
  • A hydrocracking complex, recently refurbished by Lurgi GmbH with licensed hydro-processing units from Chevron Lummus.
  • A zeoforming facility.
  • An extensive tank farm.
  • A 15 km internal railway system connecting all parts of the complex.
  • Wholly owned 64 ha. industrial property in Gorlice, Poland.

Assets

History

Early history


The processing activity of the Glinik Mariampolski refinery goes back to the time when paraffin distilled from crude oil began to be commonly applied in lighting, replacing less effective vegetal and animal based oils.

In this early period when production was limited, feedstock originated from oil wells dug manually in a primitive way. Processing was carried out in distilleries, which were owned by oil producers, located near to the mine. In 1883 Galicia, with production of 374,000 barrels of oil, was the third largest producer in the world, after the United States and Russia. Within this region, Gorlice had the most reserves.

Because the local distilleries could not process the growing volumes demanded by the market, a new firm – Bergheim and MacGarvey, launched a conversion project in 1883 to expand the Glinik distillery into a large oil processing facility employing 60 workers. This marks the initiation of industrial levels of refining in the region and of the creation of the Glimar refinery itself. Prior to this, Bergheim and MacGarvey operations had been an upstream operation. The company had imported newer Canadian drilling technology to improve extraction efficiency in the local oil fields. It continued to operate as an integrated oil company, drilling 370 boreholes in 43 locations across Galicia, installing Poland’s first pumping rig and introducing metal storage tanks. Railway connections were also built to connect the facility to the Polish and Austrain rail networks. By 1893, the company, renamed Bergheim and MacGarvey Mariampol-Gorlice, was processing 23,500 barrels of oil a year with a 95,000 barrel storage capacity, making it the largest refinery in Galicia.

Technology was initially primitive, consisting of an oil-fired boiler and distilling unit, producing paraffin and heating oil. But by 1887 there were two boilers for oil distillation, two coking boilers and an installation for refining oil and petroleum-based oils. Gasoline and oil distillates were received from oil boilers in the process of distillation and the rest was directed to coking boilers where oil fractions, boiling up to 300oC, were distilled; the remainder was subject to high-temperature carbonisation. Petroleum and oil distillates were refined with sulphuric acid in order to improve quality.

After 1887 the refinery enhanced its processing methods and began producing motor fuels and lubricating oils.

By 1914 the refinery had four boilers for crude oil distillation, eight petroleum-based oil distillation and coking boilers and three boilers for vacuum distillation, from which the remnants were directed to asphalt distillation. In the process of light cracking, various types of asphalt were obtained. Benzene distillates were subject to separation into fractions with narrow boiling point ranges. The distillate, light paraffin oil, was directed to the paraffin department constructed in 1896 and modernised after a fire. In 1909 a re-distillation department was built. It consisted of eight boilers which redistilled paraffin into spindle oils and machine oils. There was also a refining department, processing a range of oils from the oil, vacuum and coke distillation and combining refined products into finished oils according to market needs.

During World War I the refinery was partially destroyed but occupying German forces reconstructed it and recommenced production to fuel their war effort.


Post-war period


The Polish oil industry consolidated in the years following World War I. The principal shareholder of the refinery, Fred James (son of MacGarvey, the original owner), sold his stake in the business to a French concern, which in turn merged with four other oil companies in 1928, forming Malopolska. This company processed nearly 40 per cent of all oil used in Poland.

Modernization of the facility continued with new distillation units for fractionation of benzene and petroleum. In 1933 the German engineering firm, Wolff, installed a demonstration-level cracking system with a capacity of 183 barrels a day. At this stage the refinery employed 420 people and produced about 900 barrels a day.

A second, more ambitious, modernization project was planned but the outbreak of World War II prevented it.


World War II and the Communist years


At the beginning of 1939 production was subordinated to the army’s demands. However, the rapid conquest of Poland meant that the refinery was in German hands by late 1939. Modernization and implementation of German technology allowed the refinery to produce high quantities for German military use. Advancing Russian forces prompted the Nazi authorities to disassemble significant portions of the refinery and ship them to 12 different facilities in Germany. Those parts of the plant that could not be dismantled were destroyed in November 1944 to deny them to the approaching Soviet army.

By 1949 the refinery had been reconstructed organizationally and physically. It, along with all the assets of the Malopolska conglomerate, was nationalized. Repossession of plant assets seized by the Germans during the war gave the refinery some of the equipment needed to restart production. A gas absorption facility was opened in 1949, followed by a solvent dewaxing unit to assist in the production of motor oils. Successive upgrades (tubular tower distillation, continuous oxidation for asphalts) throughout the 1950s and into the early 1960s meant that the refinery was able to increase production to about 1.1 million barrels a year.

By the late 1960s and early 1970s the worsening Polish economy, lack of investment and rising environmental protection standards caused the refinery to shut down several processing installations.

A restructuring of state-owned oil production assets resulted in the formation of the Glimar refinery in 1984, the name by which it is known today.

In the end of the eighties, as economic reforms took hold across Poland, Glimar obtained a degree of autonomy as a standalone company. New investment created opportunity for repair and modernization. Power supply facilities were upgraded, a new assembly building was erected along with a new machine plant and a water treatment facility.

Technology was modernized as well, including installation of tubular-tower distillation, which allowed computer-aided control of distillation processes, and reconstruction of the oil products re-distillation units. New tanks for oil and oil-based products were erected and the old ones renovated.


Post-Communist period


In the 1990s Glimar transitioned to the post-Communist Polish environment without incident, migrating to the market economy and executing a modernization plan under new management. The corporate vision looked to position the refinery in the context not only of Poland but also Europe. The European oil products market demanded high quality and thus the modernization plan was tailored to meet this need. The focus was placed on lubricating oils. New mechanical mixers equipped with mass measurement of dosed components precise to 0.1 per cent and with variable temperature adjustment were installed as were two weighing tanks with mixer arms, equipped with the Philips system, which guaranteed weighing precision up to 0.05 per cent. This modernisation allowed the plant to provide for a very precise dosage of enrichment components and to prepare a whole range of new oils. In addition, the refinery purchased a semi-automatic line from Battenfeld-Fischer for production and packaging of oils. Infrastructure was also installed to help automate the refinery’s warehousing facility. The modernization process also extended to a new filling terminal that allowed top and bottom level filling, with a capacity of 3.65 million barrels a year.

The 1990s also saw a revolutionary modernization for the refinery – the installation of zeoforming technology. At Glimar oil is processed by fractional two-stage tubular-tower distillation (atmospheric–vacuum). The distillates obtained as a result of distillation of crude oil are not ready for sale as finished products. For many years the gasoline fraction was subject to solid-liquid extraction, mainly in order to remove sulphur compounds. In this way a low-octane component for production of fuels was obtained. Petroleum fractions and diesel oil fraction are used for composing fuels for diesel engines. The remains from distillation of oil are used as a raw material for production of heavy heater oils.

This is a relatively low efficiency refining process. In order to improve the economics of oil processing a zeoforming installation was opened in 1997, using a licence from the Novosibirsk Scientific-Engineering ZEOSIT Centre in cooperation with Lurgi GmbH. This enabled the use of low-octane gasoline fractions from oil distillation, which meant that Glimar became the only southern Polish refinery producing motor fuel on the basis of its own high-octane components and liquid propane-butane gas (LPG).

The 1990s also saw significant investment in environmental protection. This included installation of a biological water treatment plan for dealing with post-refining waste, modifications to the boiler houses, conversion to air-tight storage tanks and the use of vapour recovery at the tanker filling stations. The net effect is diversion and reduction of waste, including a drop in atmospheric pollutants of almost 300 tons per year.


21st century modernizations


In order to maintain its competitive position, the refinery initiated hydro-refining processes by installing a new facility – the hydro-complex, built by Lurgi GmbH in 2000 with technology licensed from Chevron Lummus. This makes Glimar one of the more modern small to mid-size refineries in Europe. This modernization required an investment of €124 million. The benefit of this upgrade is the improvement in the quality of base oils that can be produced.

In addition to technological changes made at Glimar, the 1990s also saw a major organizational shift for the refinery. In 1997 Glimar was fully privatized and restructured. Non-core services such as security and railway coordination were outsourced, in some cases to newly formed companies. In other cases, workers themselves formed their own companies to provide services to the refinery, such as GlimControl, which managed the measurement and automation department. This restructuring reduced total head count at the refinery by 150 per cent but without the loss of employment for workers.

The refinery also diversified its business, expanding into bio-ethanol production, a small chain of gas stations and also the renovation of an existing hotel/conference centre asset. These assets were then established as independent companies. They included Conference-Hotel Centre Glimar, Agroglimar (fodder and bio-ethanol production plant), Glimar Fuel Stations and Transglimar (vehicle transportation).

Despite these new directions, Glimar suffered during the economic downturn of the early 2000s and in 2005, by virtue of a decision of the Minister of Economy, the Glimar S.A. Oil Refinery, together with two other southern refineries were acquired by Grupa Lotos S.A. Lotos later divested itself of the Glimar refinery, which was purchased by Hydronaft. In 2011 Hudson Oil Corporation Ltd. acquired Hydronaft and the Glimar refinery.

Operations

Hudson Oil is focused on the acquisition of downstream energy assets it believes are under-valued and in the realization of the value of such assets through restart, modernization and/or conversion strategies, driven by current and projected market needs. Currently, the Company is focused on Eastern Europe. Hudson has an interest in the development and deployment of new technologies for the production of ultrapure, synthetic fuels; it is evaluating the economics of leveraging current assets to initiate gasification for this purpose.

The Company has an immediate plan to capitalize on the value of its current assets at Glimar. In the short term it seeks to restart production at the Glimar refinery and deploy gasification technology. These efforts will result in fuel and other materials production, which will be sold in Eastern Europe, principally. Longer term, the Company intends to continue its strategy of acquiring under-valued assets and restoring them to high performance operation.

Operations

Conventional refining

Fractional distillation is a refining process in which unrefined feedstock (such as mazut) is heated with high-pressure steam (at approximately 600°C) together with another liquid with a different boiling point. Once the mixture boils, the resulting vapours enter the bottom of the fractional distillation column. The vapour cools as it passes through many trays in the column and condenses at some point to form a liquid once more.

Conventional refining


The exact point at which it forms a liquid in the column is determined by its unique boiling point. Because the various liquid fractions have different boiling points, the process separates them into distinct liquids. These are then passed through for further processing or storage.

The refinery can produce Group II or Group III stocks, depending on feedstock. Using heavy vacuum gas oil mixed with wide kerosene fraction will yield a 100 neutral and 500 neutral with viscosity indices of 95 and 110, respectively. If fed standard-weight VGO and wide kerosene fraction, the plant can operate in one of two modes: the first produces a 150 neutral base oil with a viscosity index of 112, the second a 150 neutral with a viscosity index of 125. In any mode, the Glimar plant will be the first in Poland to produce anything other than Group I base oil.

The Company has sourced mazut raw material from Kazakhstan and Russia. Glimar’s location in the South of Poland, with rail connections to Russia, makes transport of this raw material relatively straightforward and cost-effective. Mazut is a heavy fuel oil that can be processed into end products such as diesel and naphtha. Using atmospheric and vacuum distillation (‘straight run’), the DRW complex can process mazut into benzene, kerosene, jet fuel and a variety of lubricant oils. In addition, the process yields saleable sulfur.

Operations

Higher yield hydro-processing

The Glimar complex is equipped with isocracking, isodewaxing and hydrofinishing units licensed from Chevron Lummus Global, the hydroprocessing and engineering services subsidiary of Chevron. This section of the facility has also been modernized by Lurgi GmbH, a subsidiary of Air Liquide SA.

Higher yield hydro-processing


Isocracking, isodewaxing and isofinishing technology and catalysts are used in the sequence of refining processes employing hydrogen at high pressure to make high-quality lubricant base oils. Isocracking technology is a hydrocracking process used to improve VI (Viscosity Index) and remove impurities. Isodewaxing technology converts wax molecules into high quality lubricant components. Isofinishing technology is a final, high-pressure polishing process for base stocks.

Isocracking enables the production of a range of highly isomerized products at high quality and with improved yields. Improved product yields and quality would enhance profit margins by enabling the Company to crack low-valued feed into high-quality products and blend low-value streams into the high-specifications pool. Isocracking chemically converts low Viscosity Index components into higher Viscosity Index base oils with by-products that include transportation fuels such as gasoline, jet and diesel.

Isodewaxing is an alternative to solvent dewaxing. It catalytically isomerizes the wax into isoparaffins, which have low pour points and high resistance to oxidation. The advantages of this process are: low pour points, higher yields and a higher product Viscosity Index (95-140 or higher). Additionally, it permits a broader range of feeds.

Isofinishing uses noble instead of base metals as catalysts to produce higher quality base oils. The advantage is in the use of smaller reactors at lower pressures, which is a more economical mode of operation.

The principal advantages of using the licensed Chevron all hydro-processing units are feedstock flexibility and the opportunity to use lower value feed to create higher value end products.



Zeoforming technology



The Zeoforming process was designed to produce high-octane lead-free AI-80 to AI-95 gasolines by refining low-octane gasoline fractions of different origin on zeolite catalysts. The scientific basis of the process was developed at the Institute of Catalysis, SB RAS (a patent holder of three base patents), and different versions of the industrial technology were designed and patented by the Zeosit esearch-Engineering Center of the Institute of Catalysis, SB RAS (holder of an exclusive license to use the Zeoforming process).

Glimar is equipped with a zeoforming production plant with a capacity of 293,000 barrels per year.

In contrast to the conventional process of gasoline production (reforming), the technology designed does not require the presence of hydrogen and its associated compressor equipmen, the stage of hydrofining to remove sulfur and nitrogen-containing compounds, expensive platinum catalysts or high-octane additives. This sharply reduces the investment costs and operating costs and allows the construction of payable plants capable of processing over 37,000 barrels of feedstock per year. The self-contained plants can operate in hard-to-reach, remote areas of production of crude oil, gas condensate, and other hydrocarbon raw to meet the motor fuel demands of oil and gas industry workers and the population of neighboring areas. Zeoforming can be applied to the production of high-octane lead-free gasolines from low-octane gasoline fractions of different origin (straight-line gasoline fractions, gas condensates, casing-head gasolines, natural gas liquids, refinery gases, etc.).

Performance characteristics of Glimar’s zeoforming facility include:

  • The desired products of the process are high-octane motor gasoline ready for use without blending and liquefied gas, the total yield of the desired products being not less 92-95% wt.
  • The high-octane components of the gasolines produced are iso-paraffins (30-50%) and aromatic hydrocarbons (25-45%), the content of benzene not exceeding 1.5% wt. Such composition meets the modern European quality standards. In the process of conversion, the ON of gasoline increases from 45 MON to 82-86 MON, or 92-95 RON.
  • The obtained liquefied gas contains 40-42% propane, 30-32% n-butane, and 26-28% wt. isobutane, the content of olefins not exceeding 1%. Such composition of the liquefied gas allows its use as a fuel both for domestic purposes and for automobiles.
  • Due to simultaneously proceeding reactions of conversion of sulphuric compounds in the raw material including demercaptanisation, the process goes steadily without previous desulphurisation and hydrogen application.
  • The switching reaction-to-regeneration system is completely automatic at all stages and has proved its high reliability by a 5-year trouble-free operation.
  • The installation meets all the requirements of economical and technological efficiency and reliability. The investments were completely repaid in 1.5 years after starting the installation.

Operations

Gasification

The Chevron-licensed hydro-processing units may be adapted to produce a range of synfuels (including low sulfur diesel, jet fuel and naphtha) using modified Fischer-Tropsch (FT) technology. An example of this is the Escravos gas to liquid project in Nigeria, which uses Chevron isocracking and Sasol FT technology. This facility is expected to come online next year, producing 34,000 barrels per day of synfuel.

Gasification


One of the process applications that is presently considered and requires further development would enable production of a wide variety of synthetic fuels such as liquid fuels such as ultra pure synthetic gasoline and diesel from coal, coal fines, brown coal, bituminous coal, and biomass with minimal undesirable by-products and emissions.

The energy density of coal can be expressed in kilowatt-hours for some unit of mass, the units that electricity is most commonly sold in, to estimate how much coal is required to power electrical appliances. One kilowatt-hour is 3.6 MJ, so the energy density of coal is 6.67 kW•h/kg. The typical thermodynamic efficiency of coal power plants is about 30 per cent, so of the 6.67 kW•h of energy per kilogram of coal, 30 per cent of that - 2.0 kW•h/kg - can successfully be turned into electricity; the rest is waste heat. So coal power plants obtain approximately 2.0 kW•h per kilogram of burned coal.

As an example, running one 100 watt computer for one year requires 876 kW•h (100 W × 24 h/day × 365 {days in a year} = 876000 W•h = 876 kW•h). Converting this power usage into physical coal consumption:

Commercial coal has a carbon content of at least 70 per cent. Coal with a heating value of 6.67 kWh per kilogram as quoted above has a carbon content of roughly 80.

Carbon combines with oxygen in the atmosphere during combustion, producing carbon dioxide, with an atomic weight of (12 + 16 × 2 = 44 kg/kmol). The CO2 released to air for each kilogram of incinerated coal is approx. 2.3 kG.


This can be used to calculate an emission factor for CO2 from the use of coal power. Since the useful energy output of coal is about 30 per cent of the 6.67 kWh/kg(coal), the burning of 1 kg of coal produces about 2 kWh of electrical energy. Since 1 kg coal emits 2.93 kg CO2, the direct CO2 emissions from coal power are 1.46 kg/kWh, or about 0.407 kg/MJ.

Coal gasification can be used to produce synthetic gas a mixture of carbon monoxide (CO) and hydrogen (H2) gas. This synthetic gas can be converted into transportation fuels like gasoline and diesel through The Fischer-Tropsch (FT) process.

The Company is presently evaluating the economics of this use of the hydro-processing asset as an alternative to higher value end product production. To this end, management is conducting an evaluation using software obtained from the United States Department of Energy to model the economics of synfuel production using a variety of feedstocks including coal, natural gas and biomass (principally municipal waste).

Investors

Symbol: H8D
Exchange: Frankfurt Stock Exchange (FSE)
Shares OS: 122,500,000
Market specialist: Renell Wertpapierhandelsbank AG
Legal counsel: Blaney McMurtry LLP
Auditor: REVISION-Rzeszów LLC

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News

Hudson Signs Letter of Intent with ZEOSIT
ZEOSIT to help restart zeoforming complex


May 18 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) has signed a non-binding letter of intent with ZEOSIT, a Russian refining technology enterprise, to assist in the restart of the zeoforming complex at Glimar refinery.

Hudson’s refinery, Glimar, is equipped with zeoforming technology licensed from ZEOSIT. The Company’s phased restart plan for Glimar includes high-octane gasoline production using zeoforming. ZEOSIT will undertake a technological assessment of the zeoforming complex, facilitate the supply of catalyst and assist in the initiation of fuel production at Glimar. “We are pleased to be working with the inventors of this technology,” said Wojciech Janowski, Executive Chairman. “Restarting the zeoforming complex will enable Hudson to produce high-octane gasoline and deliver an early revenue stream.”

Zeoforming uses zeolite catalyst to process a wide range of feedstocks into high-octane gasoline. Zeoforming complexes are operational in Russia, Georgia, Kirghizstan and South Korea.

Glimar is a complex, specialized refinery equipped with all-hydroprocessing technology licensed from Chevron Lummus and a zeoforming complex as well as a conventional distillation tower. It is capable of producing high-octane gasoline and Group III base oil, a high value lubricant. Glimar is located in Gorlice, southern Poland.

Hudson Appoints Financial Advisor
Herax Partners to Help Raise Financing


May 16 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) has appointed Herax Partners to assist in its efforts to finance the restart of the Glimar refinery complex in southern Poland. “Herax has the expertise and the contacts to enable Hudson to access European capital markets,” said Wojciech Janowski, Executive Chairman, “with their assistance, we’re confident Hudson can achieve its goal of restarting the Glimar refinery.”

Herax Partners has been given a three-part mandate:


  • Help Hudson obtain financing for the restart of the zeoforming complex, which will produce high-octane gasoline using an innovative zeolite catalyst process.
  • Work with German specialists to upgrade Hudson’s listing status on the Deutsche Boerse.
  • Help Hudson raise additional financing to complete the restart of the all-hydroprocessing complex.


Glimar is a complex, specialized refinery equipped with all-hydroprocessing technology licensed from Chevron Lummus and a zeoforming complex as well as a conventional distillation tower. It is capable of producing high-octane gasoline and Group III base oil, a high value lubricant. Glimar is located in Gorlice, southern Poland.

Hudson Provides Corporate Update


Nov 17 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) today provided an update on measures taken to strengthen its board of directors, changes to its corporate structure in Poland as well as financing activities.

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Hudson Appoints New Chief Operating Officer


Hudson Oil Corporation Ltd. (H8D: FSE) today announced the appointment of downstream and upstream energy sector veteran, Mr. Piotr Gliniak, as the company’s Chief Operating Officer (COO). “Mr. Gliniak brings a wealth of industry experience, both in Eastern Europe and internationally, to Hudson,” said Paul McIvor, President and Chief Executive Officer.

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Hudson Appoints Arkadiusz Krezel as Vice-Chair
Strengthens Board’s Polish Business Expertise


July 28 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) today announced that it has appointed Mr. Arkadiusz Krezel as Vice-chairman of the Board of Directors. An experienced business executive, Mr. Krezel will provide the Company with in-depth expertise in the Polish and European business environment, particularly heavy industry.

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Hudson Lists on Frankfurt Stock Exchange


July 27 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) today announced that it has listed its common shares on the Frankfurt Stock Exchange, under the ticker symbol H8D, effective July 26, 2011.

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Hudson Lists on Frankfurt Stock Exchange


(June 6, 2011) Hudson Oil, a Canadian downstream energy company, has acquired the historic Glimar refinery in southern Poland. This refinery, originally built in the 19th century, occupies 64 hectares in the town of Gorlice. Operational production capacity is 3,500 barrels per day. “We’re excited not just by the opportunity to restart the refinery and bring employment to Gorlice but also by the technological possibilities Glimar offers,” said Mr. Wojciech Janowski, Executive Chairman. “The refinery has recently been retrofitted with Chevron-licensed all hydro-processing technology, installed by Lurgi GmbH. This creates possibilities for gasification and production of ultra-pure synthetic fuels,” he added.