Quadrise Fuels International PLC Update on Interim LONO (6087F)
May 19 2017 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 6087F
Quadrise Fuels International PLC
19 May 2017
19 May 2017
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Update on Interim LONO
Quadrise Fuels International plc (AIM: QFI) announces an update
on the provision of the Interim Letter of No Objection ("LONO")
from Wärtsilä.
QFI is the emerging supplier of MSAR(R) emulsion technology and
fuel, enabling a low-cost alternative to heavy fuel oil (one of the
world's largest fuels markets, comprising over 450 million tonnes
per annum) in the global shipping, refining and power generation
markets.
The Company announces that it has been advised by Maersk that
Wärtsilä is expecting to deliver the Interim LONO to Maersk by the
end of May 2017 and that Maersk will then provide this to QFI.
The Company continues to work with Maersk to progress the
release of Wärtsilä's interim inspection report and to clarify
Maersk's previously confirmed intention to work collaboratively
with QFI to progress the commercialisation of MSAR(R) to the wider
global marine industry.
QFI continues to believe that the marine industry will
ultimately acknowledge and adopt the use of exhaust gas scrubbers
and high sulphur heavy fuel as the most economic compliance option
for the International Maritime Organisation's 2020 sulphur limit
environmental legislation and that Marine MSAR(R) will enable
operators to obtain additional economic and environmental
advantages over the use of heavy fuel oil. As noted in the
Company's announcement of 7 April 2017, the commercialisation of
Marine MSAR(R) is now being focused on other operators and the
Company is actively working on this. The Company will be using the
Interim LONO, when it is available, to further support these
activities.
Mike Kirk, Executive Chairman, said:
"I am delighted that our strong relationship with Maersk has
enabled us to progress this matter, despite their decision not to
continue the trial. We look forward to receiving the Interim LONO
and being able to use it to actively support our business
development activities in the marine market."
This announcement is inside information for the purposes of
Article 7 of EU 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
Nominated Adviser
Smith & Williamson Corporate Finance
Limited
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Katy Birkin
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Chris Burrows
Public & Investor Relations
FTI Consulting
+44 (0)20 3727
Ben Brewerton 1000
Sara Powell
This information is provided by RNS
The company news service from the London Stock Exchange
END
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