Quadrise Fuels signs deal with unnamed European oil refiner

Quadrise Fuels announced on Monday that it has signed a memorandum of agreement with an unnamed European oil refiner, that it said is part of an international integrated oil and gas company.

The AIM-traded firm said under the agreement, Quadrise and the counterparty would work together to evaluate and develop, through a structured evaluation process, a potential ‘MSAR’ project at one of the counterparty's refineries.

It said the agreement covered the proof-of-concept and scoping phases, with subsequent phases once defined, such as feasibility, application testing, trial and commercial implementation being covered by specific agreements, as required, in due course.

Under the agreement, Quadrise would continue to test specific refinery residue samples as provided, at the Quadrise Research Facility in the UK, during the third quarter of 2019, with early stage work on the residues received having already commenced.

“We are pleased to sign this MOA and we look forward to jointly developing the project to maturity and delivering on the substantial economic and environmental benefits that MSAR can provide,” said Quadrise executive chairman Mike Kirk.