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Quadrise Fuels International PLC

Memorandum of Agreement with European Oil Refiner

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RNS Number : 6297I
Quadrise Fuels International PLC
12 August 2019
 

 

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

 

Memorandum of Agreement with a European Oil Refiner

 

Quadrise is pleased to announce it has signed a Memorandum of Agreement ("MOA") with a European oil refiner that is part of an international integrated oil and gas company.

 

Under the MOA, Quadrise and the counterparty will work together to evaluate and develop, through a structured evaluation process, a potential MSAR® project at one of the counterparty's refineries. The MOA covers the proof of concept and scoping phases, with subsequent phases once defined, such as feasibility, application testing, trial and commercial implementation being covered by specific agreements, as required, in due course.

 

Under the MOA, Quadrise will continue to test specific refinery residue samples as provided, at Quadrise Research Facility, UK, during the third quarter of 2019, with early stage work on the residues received having already commenced.

Commenting on this development Mike Kirk, Executive Chairman of QFI, said:

"We are pleased to sign this MOA and we look forward to jointly developing the project to maturity and delivering on the substantial economic and environmental benefits that MSAR® can provide

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact [email protected] or phone:

 

Quadrise Fuels International Plc


Mike Kirk, Executive Chairman

+44 (0)20 7031 7321

Jason Miles, Chief Operating Officer




Nominated Adviser


Cenkos Securities plc


Dr Azhic Basirov

+44 (0)20 7397 8900

Ben Jeynes

Katy Birkin




Joint Brokers


Peel Hunt LLP


Richard Crichton

+44 (0)20 7418 8900

Ross Allister 




Shore Capital Stockbrokers Limited


Daniel Harris

Andy Crossley

+44 (0)20 7601 6108

 

 

Public & Investor Relations


FTI Consulting


Ben Brewerton

+44 (0)20 3727 1000

Sara Powell


 

 

Notes to Editors

 

QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries.

 

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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