Business
MOU with PowerSeraya Ltd
MOU with PowerSeraya Ltd.
About this update from Quadrise Plc
[{"type":"text","content":"\n RNS Number : 9007U Quadrise Fuels International PLC 25 October 2010 \n \n\nQuadrise Fuels International Plc (\"QFI\" or \"the Company\")\n \nMOU with PowerSeraya for MSAR® Fuel \n \n25 October 2010\n \nQuadrise Fuels International plc is pleased to announce that Quadrise International Limited (\"QIL\"), the producer of oil-in-water emulsion fuel as a low cost substitute for heavy fuel oil, and PowerSeraya Ltd (which is wholly owned by YTL Power International Berhad of Malaysia), have executed a Memorandum of Understanding (\"MOU\") to jointly investigate opportunities for the supply of Quadrise MSAR® emulsion fuel to their Singapore generating facilities. \n \nQIL is a wholly owned subsidiary of QFI and holds all of the Company's managed interests. \n \nPowerSeraya Ltd is one of Singapore's leading power utilities and in 2005 converted 750MWe of thermal boiler capacity on Jurong Island to allow flexible multi-fuel operation. Conversion included the ability to use up to 1.8 million tonnes per annum of oil-in-water emulsion fuel and the installation of flue gas desulphurisation.\n \nThe MOU is valid for 12 months. The programme will capitalise on QIL's comprehensive knowledge of oil refining, emulsion fuel production, logistics and combustion. PowerSeraya will contribute their extensive power generation experience and considerable technical expertise relating to fuel assessment and project management. Should the investigation lead to joint confirmation of viable Quadrise MSAR® fuel supply opportunities, PowerSeraya and QIL intend to progress to a commercial phase in which Quadrise MSAR® fuel is used in Singapore to displace more expensive heavy fuel oil. \n \nIn line with the recent restructuring of QFI announced on the 18th October 2010, rights and obligations arising under the PowerSeraya MOU will be transferred to a new focussed subsidiary, Quadrise Asia Limited, formed for development of managed business activities in Asia and in which QIL will have a 75% controlling interest and an aggregate of 25% will be held by management.\n \nCommenting on the agreement, Ian Williams, Executive Chairman of QFI said: \"This MOU is a very exciting opportunity for QIL and the Company. The prospective application of MSAR® fuel in Singapore, while subject to inter-fuels competition, ...