Quadrise Fuels International makes progress with low-cost fuel

Oil services group Quadrise Fuels International has taken a step forward in getting its budget fuel oil product to market.Quadrise said shipping company Mærsk, which has been trialling its MSAR fuel for marine use, had told it the fuel had met "proof of concept" requirements.The group plans to secure deals in principle with qualifying oil refiners by the end of 2014 to supply Marine MSAR fuel, working closely with the Mærsk MSAR fuel programme managers.In Saudi Arabia, Quadrise has submitted a formal proposal to fit equipment in a designated refinery to demonstrate the fuel.Quadrise also is recruiting executives to develop the marine and power generation divisions, who should be appointed in the fourth quarter this year and in early 2015 respectively.Chairman Ian Williams said: "Having passed several major milestones by mid-2014, the company is well positioned for the next phase."Shares in Quadrise closed up 5p or 15.9% at 36.5p in London.PW