30th Oct 2018 10:27
LONDON (Alliance News) - Quadrise Fuels International PLC said on Tuesday it has extended its accord with YTL PowerSeraya Pte Ltd for another 12 months.
YTL PowerSeraya is a subsidiary of Singapore-based multi-utility group YTL Power International Bhd.
Under the memorandum of understanding's terms, emulsion technology and fuel supplier Quadrise will continue to work on progressing an MSAR supply project for PowerSeraya.
MSAR is a low viscosity oil-in-water emulsified synthetic heavy fuel oil, manufactured by mixing heavy residual oils with specialist chemicals and water, resulting in a substance that is easier to handle, with reduced heating costs for storage and transportation compared to other heavy oils.
Should MSAR fuel supply opportunities be confirmed by both companies, YTL PowerSeraya and Quadrise will move to a commercial phase where MSAR fuel is used on thermal boilers on a competitive basis.
"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," said Executive Chairman Mike Kirk.
Shares in Quadrise Fuels International were down 4.1% at 2.20 pence on Tuesday.
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