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Quadrise Fuels International has developed a 'clean' synthetic heavy fuel oil technology that potentially improves the profitability of refineries producing heavy fuel oil and upstream operations.
In a report produced by Edison Investment Research, the technology is called a "clean solution to a global problem" that reduces costs and polluting emissions for heavy fuel oil users in the power, industrial and marine bunker markets.
The company has recently completed a pilot trial in Morocco, with a trial at a US site scheduled for completion in calendar Q1 2021. These trials are to demonstrate the efficacy of MSAR ahead of potential progression to commercial supply in calendar H221. It is also in discussions about projects in Ecuador, Mexico and Saudi Arabia and with two major shipping companies.
Based on data from the company, scenario analysis calculates that even modest adoption of MSAR would generate material profits. A single refinery producing MSAR equivalent to 1.9Mtpa HFO under a licensing model would generate $15.9 million in annual EBITDA.
At 2:16pm:
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(LON:PET) Petrel Resources PLC share price was 0p at 3.4p
(LON:QFI) Quadrise Fuels International PLC share price was 0p at 1.9p
(LON:RKH) Rockhopper Exploration PLC share price was 0p at 6.2p