Business
Further Update on Marine MSAR2
Further Update on Marine MSAR2.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 6821M Quadrise Fuels International PLC 29 August 2013 \n \n\n29 August 2013\n \nQuadrise Fuels International Plc\n(\"QFI\", \"Quadrise\" or the \"Company\")\n \nSigns contracts enabling the supply of Marine MSAR®2 fuel to conclude proof of concept in 2013\n \nQuadrise, the emerging supplier of MSAR®, a low cost alternative to fuel oil in the shipping, refining, and power generation markets, is pleased to announce the closing of contracts that enables the production and supply of Marine MSAR®2 to A.P.Møller-Mærsk (\"Mærsk\") this year, as planned. This fuel will be used to conclude proof of concept and performance evaluations on the two main engine types.\n \nIt is anticipated that verified results of the Mærsk vessel performance evaluations on MSAR®2 will be available by Q1 2014. Quadrise then expects that, subject to the outcome of these evaluations, progressive commercial quantities of Marine MSAR® will be produced during 2014 to conclude Letters Of No Objection (\"LONO\") endorsements from engine manufacturers. \n \nAs advised in the Company's updates to shareholders on 17 January 2013 tests on Marine MSAR®2 were completed by Mærsk on Wärtsilä's state of the art RTX4 2-stroke test engine in Winterthur, Switzerland. These tests successfully demonstrated the general effectiveness and performance of the fuel in a modern 2-stroke engine and provided recommendations for commencing extended vessel operations using MSAR®2.\n \nIn order to commence the use of Marine MSAR®2 on operational Mærsk vessels it was also necessary to undertake thorough assessments of the test results to date and multi-party reviews of the proposed activities. These activities involved Mærsk, QIL, engine manufacturers (Wärtsilä, MAN Diesel), class societies (Lloyds Register, American Bureau of Shipping) and the Danish Maritime Authority.\n \nFollowing final approvals from Mærsk, Quadrise International Limited (\"QIL\") has agreed terms and executed contracts with Mærsk, AB Orlen Lietuva (\"Orlen Lietuva\") and AkzoNobel Surface & Formulation Chemistry AB (\"AkzoNobel\") to enable the supply of Marine MSAR®2 during 2H 2013.\n \nThe 1,000 ton per day MSAR® manufacturing unit owned by QIL and supporting systems are now installed at the 200,000 barrel per day Orlen Lietuva refin...