Quadrise Fuels International PLC Extension of MOU with YTL PowerSeraya (5925F)
30 October 2018 - 6:00PM
UK Regulatory
TIDMQFI
RNS Number : 5925F
Quadrise Fuels International PLC
30 October 2018
30 October 2018
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Extension of MOU with YTL PowerSeraya
Quadrise is pleased to announce the extension of the existing
Memorandum of Understanding ("MOU") with YTL PowerSeraya Pte
Limited ("YTLPS") for a further 12 months.
YTLPS is one of Singapore's leading energy companies and in 2005
converted 750MWe of thermal boiler generation capacity on Jurong
Island to flexible multi-fuel operation, including the ability for
the multi-fuel operation to use up to 1.8 million tons per annum of
oil-in-water emulsion fuel.
The extension of the MOU capitalises on Quadrise's comprehensive
knowledge of oil refining, emulsion fuel production, logistics and
combustion and will see YTLPS continue to contribute their
extensive energy trading, logistics, project management and power
generation experience to seek to progress an MSAR(R) supply project
for YTLPS. Should the investigation pursuant to the MOU lead to the
joint confirmation of viable Quadrise MSAR fuel supply
opportunities, YTLPS and the Company intend to progress to a
commercial phase in which MSAR(R) fuel is used in Singapore on
thermal boilers on a competitive basis.
Commenting on this development, Mike Kirk, Executive Chairman of
QFI, said:
"We are delighted to extend this MOU with YTLPS and are
confident that with the combination of Quadrise's MSAR(R)
technology and fuel experience, and YTLPS's market-leading energy
trading, project and power generation experience, we will be able
to progress an MSAR(R) supply project for YTLPS. The project aims
to capitalise on favourable 2020 energy pricing opportunities for
MSAR(R) versus other fuels in Singapore and the region, and we are
in discussions with potential refinery candidates for MSAR(R)
production and supply."
For further information on QFI, please refer to the Company's
website at www.quadrisefuels.com, or contact ir@quadrisefuels.com
or phone:
Quadrise Fuels International Plc
Mike Kirk, Executive Chairman +44 (0)20 7031 7321
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov +44 (0)20 7131 4000
Ben Jeynes
Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton
Ross Allister +44 (0)20 7418 8900
Stockdale Securities Limited
Andy Crossley
Daniel Harris +44 (0)20 7601 6108
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Sara Powell
Notes to Editors
QFI is the supplier of MSAR(R) emulsion technology and fuels, a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 400 million tons per annum) in the
global power generation, shipping, steam and refining
industries.
YTL PowerSeraya Pte Limited is a Singapore-based energy company.
While their core business is centred on generation and retailing of
electricity, they have become a diversified energy company, which
includes supplying utility services such as electricity, steam,
natural gas and water. They also provide fuel oil storage tank
leasing and terminal services, engage in oil trading and produce
water through Reverse Osmosis Desalination, for their own use or
for sale to their large industrial and commercial customer
base.
For further information about YTL PowerSeraya Pte Limited,
please refer to their website at: https://ytlpowerseraya.com.sg
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCZMMZGRLNGRZM
(END) Dow Jones Newswires
October 30, 2018 03:00 ET (07:00 GMT)
Quadrise (LSE:QED)
Historical Stock Chart
From Apr 2024 to May 2024
Quadrise (LSE:QED)
Historical Stock Chart
From May 2023 to May 2024