(Correcting Saudi Arabia from South Africa in later paragraph)
LONDON (Alliance News) - Quadrise Fuels International PLC said Thursday it had signed an agreement with Al Khafrah Holding Group to exclusively supply its emulsion technology in Saudi Arabia.
Under the memorandum of agreement, Quadrise and Al Khafrah will establish an exclusive relationship to progress and supply MSAR projects in Saudi Arabia.
Once contract terms for its first MSAR installation in a major refinery for commercial supply of fuel to buyers are finalised, the pair of firms will form a joint venture firm. Al Khafrah will hold a stake of up to 20% in the joint venture, with Quadrise paying Al Khafrah a commission on Saudi sales up to the formation of a joint venture.
"We are delighted to have concluded this agreement with Al Khafrah," Quadrise Executive Chair Mike Kirk said. "Their capabilities and established relationships within the Kingdom of Saudi Arabia have an excellent fit with our expertise and technology. We look forward to progressing the MSAR KSA business with them."
Saudi Arabia is a key market for QFI with significant business potential, especially as KSA seeks to optimise its energy resources and deliver immediate gains underpinning the Vision 2030 initiative," Kirk added.
