Business
Replacement: MOA with Al Khafrah Holding Group
Replacement: MOA with Al Khafrah Holding Group.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 5962A Quadrise Fuels International PLC 30 May 2019 \n\nThe following amendment has been made to the 'MOU with Al Khafrah Holding Group' announcement released today at 7.00am under RNS No 5230A.\n \nThe correct heading of the announcement should have read 'MOA with Al Khafrah Holding Group'.\n \nAll other details remain unchanged.\n \nThe full text is shown below.\n \n30 May 2019\n \nQuadrise Fuels International plc\n(\"Quadrise\", \"QFI\" or the \"Company\")\n \nMemorandum of Agreement with Al Khafrah Holding Group\n \nQuadrise is pleased to announce that the Company has entered into a Memorandum of Agreement (\"MOA\") with the Al Khafrah Holding Group (\"AKHG\"), a company based in the Kingdom of Saudi Arabia (\"KSA\").\n \nAKHG, chaired by Mubarak Al-Khafrah, is a private holding company established in 2008 that invests in KSA and internationally. AKHG has a portfolio of 42 industrial companies employing around 45,000 people, with partners in the oil, gas and petrochemical sectors that include Air Liquide and Gulf Chemicals & Industrial Oils.\n \nThe MOA commits the parties to an exclusive relationship to progress and supply MSAR® projects for KSA. In addition, when contract terms are finalised for the first MSAR® installation in a major refinery for commercial supply of fuel to buyers in KSA, QFI and AKHG will form a joint venture company (\"JVCo\"). This will progress all further business opportunities in KSA with AKHG holding an interest of up to 20%. Prior to the formation of the JVCo, QFI will pay AKHG a commission on sales to KSA clients.\n \nUnder the MOA, QFI and AKHG have agreed a plan for advancing their objectives in KSA that consists of 3 phases:\n \n1. Project scoping and delivery of a \"Proof of Concept\" boiler trial of MSAR® fuel in KSA initially by Quadrise.\n2. Commercial contracts by the JVCo for sale of MSAR® equipment, additives, technology licenses and related services to support KSA clients.\n3. Technology transfer projects by the JVCo for local production of equipment and/or additives compliant with the In-Kingdom Total Value Add (IKTVA) program to support KSA Vision 2030.\n \nIn the event that the project proceeds to phase 3, AKHG may be e...