5 Jul 2012 07:00
5 July 2012
Quadrise Fuels International PLC ("QFI" or "the Company")
Central & South America
Quadrise Fuels International PLC is the emerging manufacturer and supplier of MSAR® emulsion fuels, a low cost alternative to heavy fuel oil in the global shipping, refining, steam and power generation markets.
QFI announced on 22 June 2012 that following a joint review, agreement was reached with Quadrise Canada Corporation ("QCC"), that QFI would take control of all MSAR® fuel business developments in Central and South America. QFI therefore assumed full responsibility for certain key relationships and for progressing contractual terms with the parties concerned.
QFI is pleased to announce the execution of a Memorandum of Agreement ("MOA") between its 100% subsidiary Quadrise International Limited ("QIL") and Nexidea Incorporated ("Nexidea"), a professional consulting firm with headquarters in Dallas, Texas. Nexidea specialises in the technical, commercial, and economic aspects of the 'downstream oil' (refining distribution and marketing) and power generation industries.
Nexidea is currently advising several major corporations operating in Central and South America on refinery design, expansion and upgrading and associated power projects. It has a detailed understanding of the region's fuel oil and other petroleum product markets and distribution systems.
In terms of the agreement, Nexidea will partner with QIL in the development of emulsion fuels projects and joint ventures in the region. While QIL will lead the emerging joint ventures, QCC retains the right to participate in such joint ventures on commercial terms, as was previously advised. The joint venture partners contemplated under the agreement are expected to also include refining companies and investors.
Nexidea and QIL have selected two initial prospects to be progressed jointly under the MOA. Both prospects are currently advised by Nexidea, and are evaluating options for project developments with potential to include Quadrise MSAR® emulsion fuel production.
Commenting on these developments, Ian Williams, Chairman of QFI said:
"Nexidea have a wealth of relationships and a thorough understanding of emulsion fuel prospects in the region. We are delighted to be working with them on these promising opportunities."
For further information, please refer to the Company's website at www.quadrisefuels.com, for Nexidea please see www.nexidea-inc.com or contact:
Ian Williams, Executive Chairman Hemant Thanawala, Finance Director Quadrise Fuels International PLC
| +44 (0)20 7031 7321 |
Dr Azhic Basirov / Siobhan Sergeant Nominated Adviser Smith & Williamson Corporate Finance Limited
| +44 (0)20 7131 4000 |
Dermot McKechnie / Petre Norton Broker Westhouse Securities Limited
| +44 (0)20 7601 6100 |
Philip Dennis / Nick Lambert / Rollo Crichton-Stuart Public & Investor Relations Pelham Bell Pottinger | +44 (0)20 7861 3232 |