Extension of MOU with YTL PowerSeraya

RNS Number : 5925F

Quadrise Fuels International PLC

30 October 2018

 

30 October 2018

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Extension of MOU with YTL PowerSeraya

Quadrise is pleased to announce the extension of the existing Memorandum of Understanding ("MOU") with YTL PowerSeraya Pte Limited ("YTLPS") for a further 12 months.

YTLPS is one of Singapore's leading energy companies and in 2005 converted 750MWe of thermal boiler generation capacity on Jurong Island to flexible multi-fuel operation, including the ability for the multi-fuel operation to use up to 1.8 million tons per annum of oil-in-water emulsion fuel.

The extension of the MOU capitalises on Quadrise's comprehensive knowledge of oil refining, emulsion fuel production, logistics and combustion and will see YTLPS continue to contribute their extensive energy trading, logistics, project management and power generation experience to seek to progress an MSAR® supply project for YTLPS. Should the investigation pursuant to the MOU lead to the joint confirmation of viable Quadrise MSAR fuel supply opportunities, YTLPS and the Company intend to progress to a commercial phase in which MSAR® fuel is used in Singapore on thermal boilers on a competitive basis.

Commenting on this development, Mike Kirk, Executive Chairman of QFI, said:

"We are delighted to extend this MOU with YTLPS and are confident that with the combination of Quadrise's MSAR® technology and fuel experience, and YTLPS's market-leading energy trading, project and power generation experience, we will be able to progress an MSAR® supply project for YTLPS.  The project aims to capitalise on favourable 2020 energy pricing opportunities for MSAR® versus other fuels in Singapore and the region, and we are in discussions with potential refinery candidates for MSAR® production and supply."

For further information on QFI, please refer to the Company's website at www.quadrisefuels.com, or contact [e-mail] or phone:

Quadrise Fuels International Plc
Mike Kirk, Executive Chairman	[phone]
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov	[phone]
Ben Jeynes Katy Birkin
Joint Brokers
Peel Hunt LLP
Richard Crichton Ross Allister	[phone]
Stockdale Securities Limited
Andy Crossley Daniel Harris	[phone]
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Sara Powell

Notes to Editors

QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 400 million tons per annum) in the global power generation, shipping, steam and refining industries.

YTL PowerSeraya Pte Limited is a Singapore-based energy company. While their core business is centred on generation and retailing of electricity, they have become a diversified energy company, which includes supplying utility services such as electricity, steam, natural gas and water. They also provide fuel oil storage tank leasing and terminal services, engage in oil trading and produce water through Reverse Osmosis Desalination, for their own use or for sale to their large industrial and commercial customer base.

For further information about YTL PowerSeraya Pte Limited, please refer to their website at: https://ytlpowerseraya.com.sg

 

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