Business
Memorandum of Understanding with Bitumina
Memorandum of Understanding with Bitumina.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 0970U Quadrise Fuels International PLC 27 March 2019 \n\n27 March 2019\n \nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nMemorandum of Understanding with Bitumina\n \nQuadrise is pleased to announce that the Company has entered into a Memorandum of Understanding (\"MOU\") with Bitumina Industries Limited (\"Bitumina UK\"), represented by Bitumina General Trading LLC of Dubai (\"Bitumina\").\n \nThe Bitumina Group, led by Dr Bernd Schmidt, was founded nearly 100 years ago and is now a world leader in producing, trading and supplying a wide range of bitumen products for use in road construction. The Bitumina Group also has a business in Denmark that manufactures and sells colloidal mills and plants for bituminous products and road emulsion production, similar to the unit used for MSAR® manufacture. \n \nBitumina UK is under incorporation for the purposes of implementing Bitumina's intended vertical integration strategy in the global bitumen sector from refinery production through to road and other applications, including the development of the MSAR® business with Quadrise under the MOU.\n \nThe non-binding MOU defines the structure through which Quadrise and Bitumina will work together on an exclusive basis to seek to progress selected MSAR® project opportunities (\"MSAR® Projects\") in the Commonwealth of Independent States (including Russia), Poland, Romania, and Vietnam to commercial agreements for the production and supply of MSAR® fuel.\n \nDuring an initial scoping phase, QFI will perform laboratory pilot tests to establish emulsification parameters and formulations for selected MSAR® Projects. The parties will make use of existing Bitumina terminal assets and, in parallel, Quadrise will fully test the applicability of Bitumina's technology and IP (as well as that of affiliated companies and partners) at the Quadrise Research Facility for applicability to future MSAR® fuel projects. Under the MOU, the parties will also prepare detailed techno-economic studies for MSAR® Projects involving selected counterparties to establish the economics of MSAR® production and supply to potential MSAR® users.\n \nSubsequent commercial agreements will be structured so that Quadrise and Bitumina will share profits of any project delivered ...