3 Jun 2013 07:00
3 June 2013
Quadrise Fuels International PLC
("QFI" or the "Company")
Central & South America
Quadrise, the emerging supplier of MSAR®, a low cost alternative to heavy fuel oil in the shipping, refining, and power generation markets, is pleased to announce that a Memorandum of Understanding ("MOU") has been signed by Quadrise International Limited ("QIL" a 100% subsidiary of QFI), with Ecopetrol S.A. ("Ecopetrol") the Colombian oil major, and Nexidea Incorporated ("Nexidea") of Dallas, Texas.
QFI previously announced on 5 July 2012 the execution of a Memorandum of Agreement between QIL and Nexidea, a professional consulting firm that specialises in the technical, commercial, and economic aspects of the downstream oil (refining, distribution and marketing) and power generation industries.
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.
Commenting on these developments, Ian Williams, Chairman of QFI said:
"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."
For further information on the Company, please refer to www.quadrisefuels.com or contact:
Ian Williams, Executive Chairman +44 (0)20 7031 7321
Hemant Thanawala, Finance Director
Quadrise Fuels International PLC
Dr Azhic Basirov / Siobhan Sergeant +44 (0)20 7131 4000
Nominated Adviser
Smith & Williamson Corporate Finance Limited
Antonio Bossi / Ian Napier +44 (0)20 7601 6100
Broker
Westhouse Securities Limited
Philip Dennis / Nick Lambert / Rollo Crichton‐Stuart +44 (0)20 7861 3232
Public & Investor Relations
Pelham Bell Pottinger