QFI.L Share News (QFI)

Quadrise (QFI), the emerging supplier of MSAR, a low cost alternative to heavy fuel oil in the shipping and power generation markets, has reported that a Memorandum of Understanding (MOU) has been signed by its 100% wholly-owned subsidiary of Quadrise International (QFI), with Ecopetrol S.A., the Colombian oil provider, and professional consulting firm Nexidea of Dallas, Texas.The execution of the MOU follows a confidential information exchange over recent months and the scope of the MOU provides for the parties to jointly identify and assess in more detail potential MSAR business opportunities in South and Central America over a 12 month period.Ian Williams, Chairman of QFI, commented:"We are delighted to be working with Ecopetrol to create business opportunities for MSAR® fuels with them in their region. Quadrise is appreciative of the professionalism and enthusiasm demonstrated by Ecopetrol management in our cooperation to date, and is keen and prepared to move forward promptly with the joint programme scoped out under the MOU."Quadrise's share price was up 4.72% to 13.88p at 08:55 on Monday.MF