LONDON (Alliance News) - Quadrise Fuels International PLC said Wednesday it has signed a memorandum of understanding and MSAR Pilot Test Programme with an unnamed "European oil and gas major".
Shares in Quadrise Fuels were up 14% at 2.82 pence each.
Quadrise said it intends to discuss "specific business development opportunities" to identify potential clients for its MSAR technology - which is a low viscosity oil in water emulsified synthetic heavy fuel oil - at one of the major's refineries.
Quadrise will also be undertaking testing of specific refinery residues for the major in early 2019, on a paid basis, to "and optimise the blending of Refinery residues to MSAR fuel".
Executive Chairman Mike Kirk said: "We are delighted to have developed our relationship with a European multinational integrated oil and gas company and are confident that with the combination of Quadrise's MSAR technology and fuel experience, and the client's world-leading downstream operations, trading and logistics capabilities, we will be able to successfully define and progress this potential MSAR supply project jointly."
