Quadrise Fuels International PLC (LON:QFI) chairman Mike Kirk has told investors that the company is very excited by the potential for its MSAR technology which provides tangible, proven solutions to challenges faced by refiners and utilities.
Kirk’s comments come as Quadrise released a new white paper that details the potential economic and environmental benefits of the implementation of MSAR technology in the Middle East – it is entitled “A clean solution to the Middle East's heavy fuel oil problem”.
In it, the company highlighted that MSAR technology enables the production of a proprietary oil-in-water emulsion fuel oil which reduces energy costs for consumers and improves refinery profitability and yield.
Additionally, the white paper explains how the implementation of MSAR in power generation can deliver fuel cost savings of US$0.8 billion annually in the Kingdom of Saudi Arabia(KSA), and consequently, refinery margins would increase by a comparable amount.
It noted that MSAR delivers significant environmental benefits to consumers, with reduced emissions, and it is the most cost-effective and cleanest upgrading technology for refiners.
Quadrise pointed out to investors that it now has over ten years working in the KSA and it is poised to progress its first regional commercial implementation.
"This White Paper sets out the clear economic and environmental opportunity that MSAR technology provides to Middle Eastern markets as the region looks to reconfigure its petroleum and power infrastructure to migrate to lighter oil products whilst transitioning to renewable energy,” Kirk said in a statement.
“With over 10 years' experience of working in the KSA, we are very excited at the potential of MSAR to provide tangible, proven solutions to the challenges faced by refiners and utilities and our White Paper illustrates the benefits that our propriety technology delivers.
“This is part of a planned process to demonstrate our long-term commitment to the KSA and the wider region and to increase our engagement by making much of our website available accessible in MSA," he added.