19 Dec 2008 10:39
19 December 2008
Quadrise Fuels International plc
Quadrise Fuels International's MSAR® product receives Gold Medal from the President of the Republic of Lithuania
Quadrise Fuels International plc ("QFI"), the producer of emulsion fuel as a low cost substitute for heavy fuel oil for use in power generation plants and industrial diesel engines, refers investors to yesterday's announcement by AB Mažeikių Nafta, that the President of the Republic of Lithuania, Valdas Adamkus, has awarded the General Director of AB Mažeikių Nafta, with the gold medal for the Lithuanian Product of the Year for its production of MSAR®.
The Multiphase Superfine Atomised Residue (MSAR®) emulsion fuel was created by the specialists of AB Mažeikių Nafta and Quadrise Fuels International. The gold medal award follows the completion of its production and successful testing at Lietuvos Elektrinė earlier this year.
The announcement from AB Mažeikių Nafta states:
Vilnius. Today in Vilnius City Hall, the President of the Republic of Lithuania Valdas Adamkus has awarded the General Director of AB Mažeikių Nafta Marek Mroczkowski with the gold medal for the Lithuanian Product of the Year. The Company was given the top award of the Lithuanian Confederation of Industrialists for the emulsified fuel.
The Company's newest product, created by the specialists of AB Mažeikių Nafta and Quadrise Fuels International, was produced and successfully tested in Lietuvos Elektrinė company this year during the summer.
The new fuel is similar to the orimulsion used previously by Lietuvos Elektrinė and imported from Venezuela. However, transportation and storage of the emulsified fuel produced by the Company is easier than for orimulsion. Additionally, the Company's product contains less sulphur compounds and other harmful substances than orimulsion; it will therefore contribute to air pollution reduction.
Mr. Mroczkowski, General Director of AB Mažeikių Nafta, commented: "We are proud of such high recognition of the work of our Company's specialists. We hope that our product will contribute to reduction of dependence on gas and, because of its price, it will be a good alternative to heavy fuel oil.
This new product helps in solving a number of environmental problems and, based on its quality features and application possibilities, it may be considered as an alternative fuel."
Commenting on the award, Bill Howe, Chief Executive Officer at QFI said:
"This prestigious award to AB Mažeikių Nafta represents a significant milestone in the commercialisation of our MSAR® emulsion fuel. It provides a clear indication of the calibre and professionalism of the QFI team that worked with AB Mažeikių Nafta to manufacture, transport and combust over 20,000 tonnes of MSAR® over the summer months. We have fully demonstrated the technical and economic benefits of our process technology in converting low value refinery residue to an easily handled, low cost, clean burning liquid fuel.
"Work is now proceeding in our London offices to finalise the design basis and estimates for the full scale commercial plant".
Ends
For additional information, please contact:
Quadrise Fuels International +44 (0) 772 537 2841
Bill Howe
Smith & Williamson Corporate Finance Limited +44 (0) 20 7131 4000
Azhic Basirov / Siobhan Sergeant
Capital MS&L +44 (0) 20 7307 5330
Penny Freer
James Madsen
Notes to Editors
Quadrise Fuels International plc ("QFI") produces an emulsion fuel as a low cost substitute for conventional heavy fuel oil ("HFO") for use in power generation plants and industrial diesel engines. In manufacturing its fuels, QFI uses the least valuable elements of the oil barrel, thus providing a lower cost liquid fuel product which is also competitive with natural gas.
The emulsion fuel product, termed MSAR® (Multiphase Superfine Atomised Residue), has superior combustion characteristics to conventional heavy fuel oil, achieving complete carbon burn-out and producing lower NOx emissions.
Oil refiners applying the technology enjoy enhanced value realisation for their least valuable residues and the potential to avoid very heavy capital expenditure on heavy oil upgrading facilities.