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5 Mar 2010 07:00
Quadrise Fuels International plc ("QFI" or "the Company")
Agreement with A.P. Moller-Maersk for MSAR® Marine Bunker Fuel
5 March 2010
Quadrise Fuels International plc ("QFI" or "the Company"), the producer of oil-in-water emulsion fuel as a low cost substitute for heavy fuel oil for use in power plants and industrial diesel engines, advises that it has signed a Joint Development Agreement with A.P. Moller - Maersk ("Maersk") to jointly investigate and develop over an approximate 12 month period a marine version of its MSAR® emulsion fuel. Maersk are the world's largest container shipping organisation and the largest single purchaser of bunker fuel.
The development programme will capitalise on QFI's skills in emulsion fuel application and use in large diesel engines. Maersk will contribute their vast shipping industry experience and provide unsurpassed technical expertise relating to naval architecture, machinery systems, fuels, exhaust gas emissions and technical ship management. Maersk vessels provide excellent testing platforms for new technologies.
In the event the development programme is successful Maersk and QFI will seek to expediently implement the technology.
Commenting on the development Bill Howe, Chief Executive Officer of QFI said:
"This co-operative development is a very exciting opportunity for QFI. The diesel engine application of MSAR® represents a market sector with limited inter-fuels competition. Bunker fuel, driven by expansion in international trade, is a long-term growth market and comprises 150 million tons per annum, approximately 30% of the global heavy fuel oil market. Bunker fuel represents a high proportion of shipping industry operating costs and there is great potential for MSAR® if the technology can be successfully adapted to the marine application".
QFI will announce its interim results for the half year ended 31st December 2009 on 29th March 2010.
Enquiries:
Quadrise Fuels International plc Tel: +44 (0)772 537 2841
Bill Howe, Chief Executive Officer
Fairfax I.S. PLC Tel: +44 (0)207 598 4073
Katy Birkin
Capital MS&L Tel: +44 (0)207 307 5330
Penny Freer
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