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Quadrise Fuels looks to broaden markets after Saudi setback

An MOU was signed recently with Freepoint Commodities to find new customers and markets for its MSAR fuel technology.
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Quadrise supplies a synthetic, cleaner marine fuel

Quadrise Fuels International PLC (LON:QFI) was under pressure after a downbeat update from the synthetic fuels group.

An MOU was signed recently with Freepoint Commodities to find new customers and markets for its MSAR fuel technology.

This followed the effective end of a trial in Saudi Arabia for a combustion boiler project that would have used MSAR due to the lack of an agreement between the utilities involved.

Not giving up

Quadrise said while disappointing it had not given up on the Saudi market but was re-evaluating how best to progress.

Mike Kirk, executive chairman, said: "We have been working hard during 2018 to develop a broader platform for our MSAR technology across a larger number of projects. 

“Whilst we still have some way to go to progress these to commercial contracts, there has been a real change in the marine market, driven by the forthcoming IMO 2020 regulations, that has fundamentally improved the economics for MSAR projects. 

“Alongside this, adding to our existing relationships with YTL-PowerSeraya and JGC, our MOU with Freepoint will enable us to progress new projects and to potentially accelerate existing projects globally across a range of sectors."

Shares fell 7% to 3.3p.

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