QFI.L Share News (QFI)

(ShareCast News) - Emerging manufacturer and supplier of MSAR emulsion fuels Quadrise Fuels International announced the execution of the memorandum of understanding for starting the "Production to Combustion" trial in Saudi Arabia on Wednesday.The AIM-traded company outlined the MoU in its end of year update on 5 July.It said the MoU defines the basis of collaboration between Quadrise and its clients in Saudi Arabia to progress the trial at designated refinery and power plant facilities within the kingdom.Whilst at this stage the company said it cannot provide firm indications of the timetable, it expects the schedule to extend beyond spring 2017, which was the originally anticipated point at which the trial would be concluded."We have been working hard with our partners and our clients in the Kingdom of Saudi Arabia during 2016 and are delighted that we have now been able to execute the MoU," said Quadrise executive chairman Mike Kirk."This is a critical enabler to commence the preparations to bring this project to reality."We remain confident of demonstrating the value of Quadrise MSAR technology in Saudi Arabia on a commercial scale with combustion testing at a major power utility in what promises to be a significant project for the kingdom, well aligned with its Vision 2030 Programme," Kirk explained.