Quadrise Fuels International PLC Memorandum of Understanding (7706G)
August 10 2016 - 3:43AM
UK Regulatory
TIDMQFI
RNS Number : 7706G
Quadrise Fuels International PLC
10 August 2016
10 August 2016
Quadrise Fuels International plc
("QFI", "Quadrise" or the "Company")
Memorandum of Understanding
Quadrise Fuels International plc (AIM: QFI) is the emerging
manufacturer and supplier of MSAR(R) emulsion 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.
The Company is pleased to announce the execution of the
memorandum of understanding ("MOU") for progressing the Production
to Combustion trial in the Kingdom of Saudi Arabia, as outlined in
the End of Year Update notified by the Company on 5 July 2016.
This MOU defines the basis of collaboration between Quadrise and
its clients in the Kingdom of Saudi Arabia to progress the
Production to Combustion trial at designated refinery and power
plant facilities within the Kingdom. Whilst at this stage, we
cannot provide firm indications of the timetable, which will be
informed by the preparatory phase work, we expect the schedule to
extend beyond the Spring of 2017 - the originally anticipated point
at which the trial would be concluded.
Commenting on this development, Mike Kirk, Executive Chairman of
QFI, said:
"We have been working hard with our partners and our clients in
the Kingdom of Saudi Arabia during 2016 and are delighted that we
have now been able to execute the MOU. This is a critical enabler
to commence the preparations to bring this project to reality. We
remain confident of demonstrating the value of Quadrise MSAR(R)
technology in Saudi Arabia on a commercial scale with combustion
testing at a major power utility in what promises to be a
significant project for the Kingdom, well aligned with its Vision
2030 Programme."
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International
Plc
+44 (0)20 7031
Mike Kirk, Executive Chairman 7321
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating
Officer
Nominated Adviser
Smith & Williamson Corporate
Finance Limited
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Public & Investor Relations
Bell Pottinger
+44 (0)20 3772
Daniel Thöle 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMGMRNGNGVZG
(END) Dow Jones Newswires
August 10, 2016 03:43 ET (07:43 GMT)
Quadrise (LSE:QED)
Historical Stock Chart
From Aug 2024 to Sep 2024
Quadrise (LSE:QED)
Historical Stock Chart
From Sep 2023 to Sep 2024