27 Sep 2011 07:00
27 September 2011
Quadrise Fuels International Plc ("QFI", "Quadrise" or the "Company")
Sea trials of Marine MSAR® fuel - a key step towards commercialisation
Quadrise International Limited ("QIL"), is the emerging supplier of MSAR®, a low cost alternative to heavy fuel oil in the shipping, refining and power generation markets.
Quadrise is pleased to announce the closing of contracts to commence sea trials of Marine MSAR®, moving the Company a step closer to commercialisation.
QIL entered into contracts on 26 September 2011 with A.P.Møller-Mærsk ("Mærsk"), AB Orlen Lietuva ("Orlen Lietuva") and AkzoNobel Surface Chemistry AB ("AkzoNobel"). These agreements define the contributions and responsibilities for all facets of the production and evaluation programme.
The trial commences with the installation of an MSAR® manufacturing unit at the 200,000 barrel per day Orlen Lietuva refinery in Mazeikiai Lithuania, followed by the production of an initial volume of Marine MSAR® fuel. The fuel will then be transferred to the nominated vessel for consumption and evaluation.
The QIL team is now deployed at the refinery site to manage project installations, subsequent operation of the AkzoNobel MSAR® manufacturing plant, and fuel quality assurance throughout the supply chain.
The results of the evaluation programme are expected during the first half of 2012.
The forward plan, beyond the initial sea trial, remains subject to third party verification and approvals, and the conclusion of commercial agreements with candidate oil refineries. Quadrise then anticipates progressive commercial quantities of Marine MSAR® will be produced during 2012 to allow the wider evaluation of performance across a representative range of vessels.
Commenting on this development, Ian Williams, Executive Chairman of QFI, said:
"These sea trials represent a key milestone for the Company and, potentially, for the marine sector. QIL and its partners have worked tirelessly to get to this stage of Marine MSAR® evaluation. We look forward to confirming the opportunity that this represents for the Company and our partners in the marine fuels industry."
-ENDS-
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Ian Williams, Executive Chairman Hemant Thanawala, Finance Director Quadrise Fuels International Plc
| +44 (0)20 7550 4930
|
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 |