LONDON (Alliance News) - Quadrise Fuels International PLC on Wednesday said it has extended two contracts with Dutch multinational AkzoNobel NV, for the purchase and supply of goods and services, and the continued joint development of emulsion fuels.
The company, which supplies multiphase superfine atomised residue, or MSAR, emulsion technology and fuel, originally signed the deals with AkzoNobel in November 2013. Those contracts in turn replaced an original agreement between Quadrise and AkzoNobel in 2004.
Under these extensions, the contracts will now run until "at least" November 2018.
"The extension of these agreements with our core technology partner, AkzoNobel, reinforce the commitment of both parties to commercialising the global MSAR business. Our long-term relationship with AkzoNobel continues to underpin our ability to move the company towards long-term commercial revenues as our major projects evolve," said Chairman Mike Kirk in a statement.
Shares in Quadrise Fuels were up 4.7% at 13.09 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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