Quadrise Fuels defers Lithuanian project

Shares in Quadrise Fuels International dropped sharply after the emulsion fuel producer said it has deferred its Lithuanian project due to high energy prices.'As advised in previous announcements, relative energy prices are at unusual levels compared to historical norms and this has impacted the project economics,' the group said.'Quadrise Fuels and its counter parties have thus agreed to defer the immediate implementation of the project and to periodically reassess its rate of return as energy prices normalise.' The firm added that progress in Saudi Arabia and in the marine propulsion markets continues to be 'very encouraging.' It expects to report further progress on these prospects during the first quarter of 2010.