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PharaohRocher, I reckon the CO2 reduction could be closer to 40% for a Utah bioMSAR, from well to wake. The results from VTT showed a 27% reduction, but that was from a formula of 40% glycerol, 50% residue, 10% water. I believe the extra tests being done in September were on a bioMSAR made with 50% glycerol, 40% residue, so that should take the figure up to about 32%
But then you have to add in the two extras, the very low carbon intensity of the production method, and the fact that no refinery process is involved. Petroteq tweeted just recently that CORT saves about 75kg CO2 per bbl compared to conventional oil sands production. Oil sands production is much more energy intensive than the more traditional methods, at least twice as bad, but the reduction should still be in the region of 200kg CO2 per tonne of oil produced. 1g of fuel oil burned produces 3.114g of CO2, so each ton of HFO burned produces 3114 kg of CO2. 200kg of CO2 less, is therefore quite significant.
I'm not sure if an MMU could run off a 13 amp plug, that's maybe pushing it, but 50 amps might just about do it. Do you think you could run an oil refinery from a 50 amp cable? Hydro-crackers, desulphurisation units, etc. I've got no idea what the actual reduction would be, but it must be at least a few percent points. Add both of those factors to the 32%, and we must be easily close to 40%.
The IMO 2050 goal is currently a 50% reduction in carbon emissions. MSC announced yesterday that they're going to start using an air lubrication technology from Silverstream Technologies, which can reduce fuel consumption and emissions by up to 10%. Run one of those ships on a Utah bioMSAR and the 50% reduction can already been achieved. THAT'S MASSIVE.
A masterstroke. Steve Byle saw the potential of the bitumen from the Utah tar sands being converted into MSAR. Jason Miles and Laura Ward took it another step further and created BioMSAR with crude glycerol produced as a waste product from FAME ( biodiesel) production at 10% v/v. The result is a US home grown low Sulphur power and marine fuel that uses a multi billion barrel standard resource in Utah, combines it with waste glycerol from the FAME process, and burns like gas with <30% less CO2. The stuff will sell itself at not only a premium to WTI but at a premium to ULSFO.
That would imply that QFI had control on the timing of announcements of trial / contract signatures. Given the size of our counterparties I don’t think that’s the case. We may have to enter the lead up period to the Late November/early December AGM none the wiser.
PR, I really hope we have just one of those much closer to commercial before year end but it will only be if they want it badly enough. I hope off the back of the shipping week and hopefully the further push of IMO great further bioMSAR test results, Utah test results that we can generate more interest and get other opportunities on the line which may have a less complicated route to commercial contracts or a bigger desire to get this really beneficial fuel to market.
Forecasts of impending news have failed to materialise. I prophesied September was going to be transformational with one RNS after another. But, like the roly-poly Jehovah Witness ladies who came every Friday evening to my student house in the 80’s to sell us The Watch Tower and inform us the World would end on 31 Dec ‘99, there have been ‘unrealised expectations’. Like the JW ladies prediction of Armageddon, I’ll use the 31 Dec as the cut-off date; 1. MSC , the Big One. LONO trial confirmation with refiner ( Shell) breaking cover before 31 Dec. High. 2. Morocco OCP successful industrial/commercial trial burn taking place before 31 Dec. - High. 3.Biomsar tests with Utah bitumen successful, second stage CTA completed and licence to manufacture MSAR in Utah awarded to Greenfield; High. 4. Bio MSAR formulation nailed ahead of the MSC LONO trial; High. 5. Mexico Pemex /Redliner pilot trial of MSAR manufacture at a Mexican refinery; medium. 6. sp in double figures - High. Wilson, am I right?
Back in July and August......I really did not think we would still be sitting around waiting for news on all fronts towards the end of September. Having said that I'm hoping (Big Time ) over the next week we will have a number of updates.....Just off now to consult with my crystal ball
If I would listen to my instincts, I would sell in panic times and buy on good news :D. Of curse lost all my money. For me personally the biggest issue in trading is the fight with my instincts witch function good in all other things, I trust them, but this trading story is a interesting one :D.
For me it’s fact/fundamentals check the best way, until there is no change I stick to the stock. For QFI, we have a new product this year, we have made progress on proving the concept, we have some strong partners and few projects on paper and pipeline. So all good….
I read Kurlyboy's post as inferring a commercial contract, where someone actually pays us for MSAR/BioMSAR on a commercial basis, not trial basis!
Given this has not happened in the past (AFAIK), a "bookie" instinct would be that no (commercial) contract remains the most likely outcome. Being heavily invested here, I still believe they will eventually get pen to paper with one of our trial partners. This of course, could open the floodgates to many more commercial contracts and the land of honey, (early retirement).