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Quadrise Fuels International PLC

Quadrise Fuels fired up as it inks agreement with European oil refiner

The agreement covers proof of concept and scoping phases, with later phases to be agreed in due course

Quadrise Fuels International PLC - Quadrise Fuels inks agreement with European oil refiner to develop MSAR project
The refiner is part of an international integrated oil & gas firm

Quadrise Fuels International PLC (LON:QFI) was fired up on Monday after signing an agreement with a European oil refiner to develop a potential project for its MSAR synthetic fuel oil.

The memorandum of agreement (MOA) covers proof of concept and scoping phases, with later phases including feasibility, application testing, trial and commercial implementation to be covered by more specific agreements in due course.

READ: Quadrise Fuels looks to top up coffers to continue new business progress

Quadrise itself would be responsible for testing specific refinery residue samples at its research facility over the third quarter of 2019, adding that early-stage work has already begun.

"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 Mike Kirk, executive chairman of Quadrise.

The news gave a boost to the share price, which jumped 13.1% to 5.9p in mid-morning trading.

--Adds share price--

Quick facts: Quadrise Fuels International PLC

Price: 3.355 GBX

Market: LSE
Market Cap: £33.41 m
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