Quadrise Fuels International signs Memorandum of Agreement with Al Khafrah Holding Group
RIYADH: Quadrise Fuels International (QFI) has entered into a Memorandum of Agreement (MOA) with the Al Khafrah Holding Group (AKHG), a company based in the Kingdom of Saudi Arabia (KSA).[the_ad id="31605"]The MOA commits the parties to an exclusive relationship to progress and supply MSAR® projects for KSA. In addition, when contract terms are finalised for the first MSAR® installation in a major refinery for commercial supply of fuel to buyers in KSA, QFI and AKHG will form a joint venture company. QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, steam and refining industries. This will progress all further business opportunities in KSA with AKHG holding an interest of up to 20%. Prior to the formation of the joint venture, Quadrise Fuels International (QFI) will pay Al Khafrah Holding Group (AKHG) a commission on sales to KSA clients. Under the MOA, QFI and AKHG have agreed a plan for advancing their objectives in KSA that consists of 3 phases:
- Project scoping and delivery of a "Proof of Concept" boiler trial of MSAR® fuel in KSA initially by Quadrise.
- Commercial contracts by the JVCo for sale of MSAR® equipment, additives, technology licenses and related services to support KSA clients.
- Technology transfer projects by the JVCo for local production of equipment and/or additives compliant with the In-Kingdom Total Value Add (IKTVA) program to support KSA Vision 2030.