Quadrise Fuels signs MoU with unnamed European oil major

Quadrise Fuels has signed a memorandum of understanding and ‘MSAR’ pilot test programme with an unnamed European multinational integrated oil and gas company, it announced on Wednesday.

The AIM-traded firm also said that further to the memorandum, the two companies intended to work together to “discuss, promote and develop” specific business development opportunities to identify potential ‘MSAR’ clients for one of the oil major's European refineries.

It said that would lead to a “focused high level” MSAR fuel market assessment for the refinery, and a feasibility study agreement from a potential MSAR fuel client for the consumption of MSAR produced at the refinery during 2019.

Under the partnership, Quadrise said it would be undertaking testing of specific refinery residues for the oil major at the Quadrise Research Facility during early 2019 on a paid basis, to demonstrate and optimise the blending of refinery residues to MSAR fuel.

“We are delighted to have developed our relationship with a European multinational integrated oil and gas company and are confident that with the combination of Quadrise's MSAR technology and fuel experience, and the client's world-leading downstream operations, trading and logistics capabilities, we will be able to successfully define and progress this potential MSAR supply project jointly,” said Quadrise executive chairman Mike Kirk.