Business
Extension of MOU with YTL PowerSeraya
Extension of MOU with YTL PowerSeraya.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 5925F Quadrise Fuels International PLC 30 October 2018 \n\n30 October 2018\n \nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nExtension of MOU with YTL PowerSeraya\n \nQuadrise is pleased to announce the extension of the existing Memorandum of Understanding (\"MOU\") with YTL PowerSeraya Pte Limited (\"YTLPS\") for a further 12 months.\n \nYTLPS 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.\n \nThe 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® 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® fuel is used in Singapore on thermal boilers on a competitive basis.\n \nCommenting on this development, Mike Kirk, Executive Chairman of QFI, said:\n \n\"We are delighted to extend this MOU with YTLPS and are confident that with the combination of Quadrise's MSAR® technology and fuel experience, and YTLPS's market-leading energy trading, project and power generation experience, we will be able to progress an MSAR® supply project for YTLPS. The project aims to capitalise on favourable 2020 energy pricing opportunities for MSAR® versus other fuels in Singapore and the region, and we are in discussions with potential refinery candidates for MSAR® production and supply.\"\n \nFor further information on QFI, please refer to the Company's website at www.quadrisefuels.com, or contact [email protected] or phone:\n \n\n\n\nQuadrise Fuels International Plc\n\n\n\n\n\n\n\nMike Kirk, Executive Chairman\n\n\n+44 (0)20 7031 7321\n\n\n\n\nJason Miles, Chief Operating Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNominated Adviser\n\n\n\n\n\n\n\nSmith & Williamson Corporate Finance...