Synthetic fuel firm loses $6.7mln
Synthetic Fuel Oil (SFO) developer Quadrise Fuels International plc (Quadrise) had an operating loss of £4.2 million ($6.7 million) over the past year, down from £6.6 million ($10.6 million) last year and said it is moving forward with steps toward commercialisation of its Multiphase Superfine Atomized Residue (MSAR) product in Saudi Arabia and elsewhere, Ship & Bunker reports.
"During the year, the company continued to progress steadily towards full commercial operations, with significant developments in each of our potentially 'company-making' business opportunities," said Ian Williams, executive chairman of Quadrise.
"The global financial and regulatory climates continue to favour the company in the medium and longer term.
"Ever tightening emissions standards in the marine sector, and increasingly favourable oil refinery economics, have created fertile ground for the Quadrise proposition."
Quadrise said its loss this year came primarily from non-cash charges for amortisation and impairment charges.
It's cumulative tax loss that could be written off against any future profits now stands at £33.8 million ($54.2 million), and says it has no debt and £1.7 million ($2.7 million) in cash reserves.
The company, who recently had a £3.5 million ($5.7 million) fundraising effort, believes it now has sufficient funds to progress to a full commercial phase.
Its efforts to apply its MSAR technology in Saudi Arabia took a step forward this year with the confirmation by Saudi Aramco specialists of project assessments by Quadrise.
The company is also trying to move forward with projects in Central and South America, after taking over for associated company Quadrise Canada Corp. in June, and authorities at Mexican state-owned petroleum company PEMEX continued a review of a program there which is scheduled for implementation late this year or early in 2013.
MSAR fuel is a proprietary water in hydrocarbon based emulsion fuel that the company says can cost 5 to 50 percent less than traditional fuel oil, bunker oil, or natural gas.
