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Quadrise Fuels International plc, the emerging supplier of MSAR emulsion technology and fuel, has moved to stress that updates on its activities - including those in Saudi Arabia - mentioned in its annual results announcement on November 6 continue to reflect the firm's current status.

Quadrise said on Monday that it had noted "recent media speculation" relating to its proposed commercial scale power trial project in Saudi Arabia.

"The company continues to progress the KSA [Kingdom of Saudi Arabia] project in conjunction with various entities within the KSA and from Europe and the USA," Quadrise said in Monday's statement.

On November 6, Quadrise had said that "significant work" had been carried out to progress contracts covering a commercial scale project in Saudi Arabia, comprising MSAR fuel production, and its transportation to and storage at a nominated power plant site, where the combustion testing on MSAR will take place.

"Substantial work has been undertaken during the period to progress the KSA project to a point that it can commence as soon as all parties have signed the project contracts. Whilst it is disappointing that these contracts have not yet been signed, this is a very complex project involving many entities within, and outside of, KSA and we look forward to providing updates on this project, as appropriate, in due course," chairman Mike Kirk said earlier this month during the release of Quadrise's final year results.