October 09 2013, 9:32am
Quadrise Fuels International (LON:QFI)
Quadrise Fuels International, the emerging manufacturer and supplier of MSAR(R) emulsion fuels, a low cost alternative to heavy fuel oil (one of the world’s largest fuel markets utilising over 600 million tonnes per annum) in the global shipping, refining and steam and power generation markets announced its results for the year ended 30 June 2013.
The Company also gave notice for the convening of an AGM to be held on 15 November 2013.
Quadrise MSAR(R) Marine Fuels ‘Proof of concept’ seaborne trials are to start before the year end 2013 in two Maersk ships using Wartsila and MAN engines.
The Company is progressing on its review to LONO certifications and early commercial operations are expected by mid 2014.
Regarding the AkzoNobelrelationship, the Alliance Agreement will be replaced by a Commercial Agreement and a Research and Technology Agreement.
The Company will become the licensor of the Quadrise MSAR Technology. Akzo and Quadrise will share future IP ownership and Quadrise will have worldwide rights for Akzo technology in emulsion fuels applications.
In Saudi Arabia, Aramco has designated a Saudi refinery directly linked to an integrated steam and power utility serving a major petrochemical complex as the preferred first application of MSAR technology.
In Central & South America, a programme is proceeding with Ecopetrol to review the feasibility of a joint venture for manufacturing and marketing of MSAR fuels in the region.
On a global oil major, positive results on trials to emulsify a heavy residue stream produced in a proprietary petrochem/refining process with potential multi-site availability have been demonstrated.
The Company has no debt and £3.2m (2012: £1.7m) in cash reserves at 30 June 2013.
There is a loss after tax of £5.0m (2012: £4.2m) and there are cumulative tax losses of £33.7m (2012: £30.6m) available for set-off against future profits.
The Company has total assets of £10.3m at 30 June 2013 (2012: £13.8m), which includes equipment for the Group’s own R&D facility established in the UK during the year.
On 29 August 2013, QFI announced the execution of contracts enabling production and supply of Marine MSAR(R) 2 to Maersk during 2013 for seaborne operations.