Quadrise, the emerging supplier of MSAR®, a low-cost alternative to fuel oil in the shipping, refining and power generation markets, is pleased to issue this Half Year 2014 update on its principal project programmes.
Highlights

Marine

•     The series of Wärtsilä full-engine seaborne service tests were completed early in June, confirming good engine and emissions performance on Quadrise Marine MSAR® fuel

•     The MAN engine seaborne performance to date on Marine MSAR® reflects the very positive land test results, and formal completion is expected by end July

•     Consequently, Mærsk have advised Quadrise that the "Proof Of Concept" requirements have been satisfied

•     The forward plan has been revised such that the "Letter of No Objection" LONO programme will launch the commercial phase in preparation for 'roll-out', rather than concluding the development phase

•     This may delay the LONO timing in the short term, but should be more than compensated by the capability to accelerate future fuel conversion on an assured supply basis

•     Quadrise plans to secure agreements in principle with qualifying oil refiners by end 2014 to support future term supply of Marine MSAR® fuel, working closely with the Mærsk MSAR® fuel programme managers in all of these activities

Saudi Arabia

•     Formal proposal submitted to install "commercial demonstration plant" in a designated refinery

•     Timing subject to internal budget review processes at client

South America

•     MOU with Ecopetrol extended to 31 August 2014 to allow completion of the logistics and marketing aspects of the Joint Feasibility  Review

•     Laboratory analysis of Ecopetrol refinery residue underway to confirm suitability for MSAR® manufacture - completion expected mid Q3 2014

Corporate

•     Process underway to recruit executives to lead the business development of the Marine and Power Generation divisions

•     Marine appointment expected in Q4 2014, with Power Generation appointment expected early 2015

Commenting on these developments, Ian Williams, Chairman of QFI said:

"The Marine programme has again led the way in 2014, and we are very pleased to have received confirmation from Mærsk that their 'Proof of Concept' requirements have been met, and that we will be moving forward to the commercial phase together.

Quadrise is very grateful for the support and enthusiasm of our partners in the Marine MSAR® programme which has gone from strength to strength.

Having passed several major milestones by mid 2014, the company is well positioned for the next phase."
Source: Quadrise Fuels International Plc