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Refiner could pull out of Saudi project if accord not signed by April 1: Quadrise

'Obtaining these signatures prior to 1 April is now unlikely,' Quadrise says.



Quadrise's MSAR plant at Cepsa's San Roque refinery in Spain. Image credit: Quadrise


Updated on 26 Mar 2018 19:05 GMT

Quadrise Fuels International's combustion boiler trial project in Saudi Arabia may not to go ahead as planned if certain agreement documents are not signed before April 1, a refiner involved in the process has warned.

In a statement, released on Monday, Quadrise explained that even though the majority of agreements to carry out the MSAR 'production-to-combustion' trial have now been signed, the signing of the fuel supply agreement between an unnamed oil company and the refinery counterparty has not yet been completed as there has been a delay in the inking of a back-to-back trial agreement between the oil company and an electricity firm.

As a result, the refiner is said to have informed the oil company that if documents are not signed by April 1, then it may no longer be in a position to support the production of MSAR fuel for the trial.

"Quadrise understands from the oil company that obtaining these signatures prior to 1 April 2018 is now unlikely and therefore that the project may not proceed as planned," the UK-headquartered firm said.

"As it is uncertain that the trial project will be going ahead as originally planned, Quadrise is now focusing its resources on other activities that can deliver meaningful progress.

"Further options to continue this project will be explored in the event that the production to combustion trial project as originally planned can no longer proceed, but all have uncertain outcomes in the short term," Quadrise added.






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Quadrise 'not aware of any specific reason' for 32% drop in share price
Quadrise expects to start combustion boiler trial in early 2018
Quadrise delivers presentation to shareholders at AGM
Quadrise signs memorandum of agreement with JGC Corporation
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