Source - RNS
RNS Number : 0397K
Quadrise Fuels International PLC
06 April 2018
 

Quadrise Fuels International plc

 

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

 

Update re Combustion Boiler Trial Project

 

 

 

Quadrise Fuels International plc (AIM: QFI) provides the following update on the planned combustion boiler trial project in the Kingdom of Saudi Arabia ("KSA") and its planned strategic review.

 

As noted in the announcement made on 26 March 2018, the majority of agreements to carry out the MSAR® 'Production to Combustion' trial have been signed, though the continuing delay in obtaining a back-to-back trial agreement between the KSA oil company and the KSA electricity company, means that the signing of the fuel supply agreement between the KSA oil company and the refinery counterparty has not yet been achieved. 

 

Despite continued efforts by Quadrise to seek a resolution in KSA, the agreement between the KSA oil company and the KSA electricity company has still not been signed and as a result the refinery counterparty is now unlikely to support the production of MSAR® for supply to the KSA trial as originally planned.  As a result, it is now questionable that the project will be able to proceed as planned. However, Quadrise is continuing to work with both the KSA oil and electricity companies to endeavour to seek a solution that would enable the trial to proceed, though this is now likely to be on an extended timetable, if it does progress, and the outcomes remain uncertain at this time.

 

In addition to the activities related to the KSA trial project, Quadrise continues to progress other opportunities in the power, marine, upstream, petrochemical and refinery refuelling markets that have the ability to deliver value in the medium-term.  This includes opportunities that could use the installed MSAR® manufacturing facility at the refinery counterparty's site, in which they would be supplying fuel directly to the consumer, allowing for a much higher level of control on the overall project delivery.  In parallel with these activities, Quadrise will continue to assess other opportunities in determining the best options for maximising the inherent value in its MSAR® technology for the benefit of shareholders.

 

Further announcements will be made, as appropriate, in due course.

 

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

 

For enquiries please contact:

 

Quadrise Fuels International Plc

 

Mike Kirk, Executive Chairman

+44 (0)20 7031 7321

Jason Miles, Chief Operating Officer

 

 

Nominated Adviser

 

Smith & Williamson Corporate Finance Limited

 

Dr Azhic Basirov

+44 (0)20 7131 4000

Ben Jeynes

 

Katy Birkin

 

 

Broker

 

Peel Hunt LLP

 

Richard Crichton

+44 (0)20 7418 8900

Ross Allister 

 

 

 

 

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 shipping, refining and steam and power generation industries.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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