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Quadrise makes progress as it still pins hopes to Saudi Arabia project
Quadrise Fuels International updated the market on its recent business development activities on Thursday, saying it was progressing opportunities in the power, marine, upstream, petrochemical and refinery refuelling markets.
The AIM-traded firm said there were opportunities to use the facility at Cepsa for supply to the marine or power markets, with Cepsa remaining "supportive" of Quadrise, having recently hosted a refinery visit from a prospective Middle Eastern client which was said to have been well-received.
It said that prospective client also travelled to the UK and visited the Quadrise research facility (QRF) to witness its 'MSAR' product being produced from its own residues.
"There remain significant opportunities in the power market in the Middle East and the Far East and we are continuing to address these either directly or through our relationship with JGC Corporation," the Quadrise board explained in its statement.
It said that, where appropriate, it was also looking to establish new relationships with counterparties who had a strong presence in key regional markets.
In the marine market, Quadrise said it had witnessed momentum building on the implementation of exhaust gas cleaning systems across all major segments, now including tankers, bulkers and container ships, in addition to the cruise and ferry markets where there had historically been a significant installed base.
It said the economic case for MSAR was also improving, with the spread between high sulphur heavy fuel oil and low sulphur fuels widening significantly in the futures market up to 2020 and beyond.
"This also reinforces the economic benefits of scrubber installation, versus