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Transcribed JM's response on this topic from the AGM Q&A audio
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Coming back to Lionel's question as well. A lot of our focus is trying to find clients where there is only one counterparty. If you can find an internal application, you are only dealing with one person who is actually a supplier and consumer; we are trying to prioritise [projects where] -- and Kuwait is a good example -- there is an internal requirement there in the refinery. So, you don't have to deal with trying to tie up two parties -- same in Mexico, potentially.
We are trying to focus on minimising the number of parts to try and get a commercial deal done by this time next year. Some of those counter-parties don't move at the pace we would like, but we are driving them as hard as we can.
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BFSCo, I think thanks certainly a key element that makes the Morocco trial very interesting. The pilot is largely under QFI's control as they are producing the fuel themselves.
They will also presumably be very keen to commission a high-quality technical & feasibility report for commercial trials at the fastest possible pace (they will do some parts themselves, and other parts will require outsourcing where independence is needed, or external skills required).
My hope is that QFI can compress the gaps between each of these phases as much as possible so that we can be talking about commercial trials within a modest period.
I think one of the major themes at the AGM was about taking a greater degree of control and reducing the number of third parties involved for the current headline crop of projects.
For example:
The European Oil Refiner (EOR) is an internal refuelling project (i.e. changing from one fuel to another). That means the resid supplier, MSAR producer and MSAR consumer would be the same entity.
The Kuwait new refinery (Al Zour?) project is also an internal usage scenario. Mirroring EOR, this should be supply-produce-consume with a single customer.
The KSA project has been remoulded to bring as much of the project in-kingdom as possible. Now looking at in-kingdom supply of resid and MSAR production. Plus, early-stage plans to even expedite in-kingdom chemicals supply with Nouryon. Again, reduces counterparty risk and logistical complexity *considerably* -- and also increases in-kingdom value of the project, which is aligned with the strategic goals of the country (see: IKTVA project). Also, note that the majority of the parties (oil co, refiner, transportation, powerco, etc), would then fall under the sphere of influence of the project champions we hope to win within high-up government and ministry (via AKHG).
Similarly, for Mexico, JM described the potential role of MSAR in PEMEX as potentially being internal refinery usage (still early days).
Let me reemphasise that we need to crack each of these projects and make progress (whether trials or commercial), but the strategy makes sense from a "get it to market" perspective IMV. There are no 'gimmies' here; we are still a precommercial company with all the risks that implies.
Agreed 46, this is a good informative and positive Video. In Morocco we have a real prospect of a significant commercial roll out. Don't forget the Board confirmed we would be making the MSAR in house for the first testing and we know it works. Hopefully some of these shorters can be properly burned in MSAR commercial roll outs. Not one but many as we progress forward.
Similar to comments at the AGM the proactive video clip endorses 2020 as the year both Mike and Jason hope to move a number of the current projects onto a commercial footing. I'm happy to support them over this period...I will sit back and watch with interest as to what happens. Good luck to them and fingers crossed we all have successful ride with QFI in 2020