13th May 2019 09:11
LONDON (Alliance News) - Quadrise Fuels International PLC on Monday said it entered a memorandum of understanding with API POLY-GCL Alliance Ltd.
Quadrise shares were trading 10% higher at 3.64 pence each following the news.
API POLY-GCL is an alliance between Ample Power Investments Ltd and POLY-GCL Petroleum Group Holdings Ltd. The company is a project origination and development firm in the downstream oil, gas and power sectors both in China and globally.
The non-binding 24-month MoU defines how Quadrise and API POLY-GCL will work together on an exclusive basis to pursue commercial opportunities involving the production and supply of fuel in China for marine, power and industrial fuel consumers.
Any commercial agreement between the parties will be structured so that Quadrise and API POLY-GCL will share profits of any project delivered on the basis of the IP, resources and financial contributions of each party.
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