The company and the unnamed multinational oil and gas company have signed an MoU which will focus on identifying business opportunities for the development of the MSAR fuel.
Under the terms of the agreement, Quadrise and the oil major will work together to identify potential MSAR clients for one of the major’s European refineries, develop a MSAR fuel market assessment for the refinery and ‘pursue and obtain’ a feasibility study agreement from a potential MSAR fuel client for the consumption of the fuel produced at the refinery during 2019.
As part of the pilot test programme, Quadrise will test specific refinery residues for the major at the Quadrise research facility during early 2019 on a paid basis to demonstrate and optimise the blending of refinery residues to MSAR fuel.
Commenting on the development, Mike Kirk, Executive Chairman of QFI, said: ‘We are delighted to have developed our relationship with a European multinational integrated oil and gas company and are confident that with the combination of Quadrise's MSAR technology and fuel experience, and the client's world‐leading downstream operations, trading and logistics capabilities, we will be able to successfully define and progress this potential MSAR supply.’
As previously reported, earlier this week Quadrise extended contracts for the exclusive supply of goods and services and joint development for future MSAR emulsion-in-water projects with AkzoNobel for a further year to November 2019.
Earlier this year, in July, Mike Kirk also pointed to a change in the marine market, driven by IMO 2020, ‘that has fundamentally improved the economics for MSAR projects.’
In an update at the time, Quadrise said that it would be continuing to work with Spanish refiner Cepsa to explore the use of an existing facility at Cepsa for the supply of MSAR fuel to the marine or power markets.
Quadrise noted that it would also look at opportunities to accelerate the development of other projects by using the equipment currently installed at Cepsa.