Quadrise Fuels International PLC Update re: Combustion Boiler Trial Project (2026F)
February 19 2018 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 2026F
Quadrise Fuels International PLC
19 February 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").
As announced on 29 December 2017, the combustion boiler trial is
a complex project involving several parties and progress continues
to be made towards the finalisation of the remaining agreements by
the respective parties.
The update announced on 22 January 2018 confirmed that the
preparatory work for the fuel production was essentially complete
and that the third party engineering study for the boiler
consumption phase had been delivered to the client in Saudi Arabia.
Since this update, commissioning of the fuel production system has
been completed by Quadrise and the boiler engineering study has
been accepted by the KSA clients.
Following recent discussions between the KSA counterparties, an
unexpected delay has resulted from one aspect of the internal
approvals process relating to the boiler trial agreement. The
respective parties are working hard to resolve this issue and it is
anticipated that this can be achieved by the end of Q1 2018.
As previously announced, the trial will only commence once all
the agreements including a triparty and various bilateral
agreements between the key parties are finalised. All parties
continue to support the process and are working towards completing
all the necessary internal approvals required to reach final
agreement as soon as possible.
Quadrise is evaluating options to reduce the impact of the
delays in finalising the agreements for the commencement of fuel
production. This work will also look at opportunities to optimise
the production and logistical phases of the schedule where
possible, to enable the combustion phase to be completed during the
second half of 2018 in line with the original timeline.
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 additional information, 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(R) 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
END
UPDFKFDKBBKDKBD
(END) Dow Jones Newswires
February 19, 2018 02:00 ET (07:00 GMT)
Quadrise (LSE:QED)
Historical Stock Chart
From Mar 2024 to Apr 2024
Quadrise (LSE:QED)
Historical Stock Chart
From Apr 2023 to Apr 2024