Business
Kuwait Agency Agreement and MoU
Kuwait Agency Agreement and MoU.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 2911Y Quadrise Fuels International PLC 08 May 2019 \n\n8 May 2019\n \nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nAgency Agreement with Hawazin Regional Trading Company and\nMemorandum of Understanding with Hawazin and Aleph Commodities Limited for Kuwait\n \nQuadrise is pleased to announce that the Company has entered into an Agency Agreement (the \"Agreement\") with Hawazin Regional Trading Company (\"Hawazin\") and a corresponding Memorandum of Understanding (\"MoU\") with Hawazin and Aleph Commodities Ltd (\"Aleph\").\n \nHawazin is an investor and provider of expert services to the oil and gas industry in Kuwait, owned by Ahmad Al-Otaibi and Faisal Al-Kharafi, and is a major shareholder of Petroleum Dynamics Oil & Gas (PetroDyn).\n \nAhmad Al-Otaibi, has significant experience in the oil and gas sector in the Middle East and is President and CEO of Petrodyn. Faisal Al-Kharafi is on the Executive Committee of M. A. Al-Kharafi & Sons (a multinational trading company with annual sales of over $5 billion) and Chairman of Al-Kharafi Construction KSCC.\n \nThe Agreement defines the structure through which Quadrise and Hawazin will work to combine their expertise on an exclusive basis to fast-track MSAR® projects to long-term commercial agreements for the production and supply of MSAR® technology, services and fuel in Kuwait, a country covered by both the Co-Marketing and Project Development Agreement (\"CMPDA\") with Freepoint Commodities LLC (\"Freepoint\") announced by Quadrise on 30 November 2018 and the Kuwait Services Agreement with Aleph announced on 26 February 2019.\n \nFees to Hawazin under the Agreement are success-based commissions, related to a sliding percentage of gross sales received by Quadrise in Kuwait from the provision of MSAR® technology and services. Hawazin has first right of refusal for any in-country subcontracting or support services required by Quadrise on the basis that their proposal is competitive to the alternatives.\n \nThe term of the Agreement is 18 months from signature and will automatically renew for similar periods unless terminated by either party or superseded by another agreement.\n \nThe MoU with Hawazin and Aleph sets out the principal ter...