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Quadrise Fuels International positioning MSAR® for commercialisation in 2020

Highlights ‘firm foundation for growth’ with GBP 4.5 million funding in place, as company announces promotions of key staff members instrumental in the development of MSAR trials during 2019.

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Quadrise Fuels

Emulsion bunker producer Quadrise Fuels International plc (QFI) on Wednesday (15 January) announced the promotions of key staffs who are integral to its recent business development initiatives in 2019 which culminated in the recently announced heavy fuel oil (HFO) MSAR® pilot trials in Morocco.

“At the recent AGM we provided shareholders with an update which demonstrated the success of our strategy to broaden and deepen our business development pipeline,” said QFI Executive Chairman Mike Kirk.

“Along with the secured funding now in place we have a firm foundation for growth and the Board took the view that this was the right time to further develop the senior management team through the promotion of Jason to CEO and Mark to COO.”

Effective 1 February 2020, Jason Miles (Chief Operating Officer since 2014) is appointed to the position of Chief Executive Officer.

Mark Whittle (currently Head of Projects) succeeds Jason as Chief Operating Officer and becomes a director of the Company.

Mike Kirk continues as the Company's Chairman.

“I have worked closely with Jason since joining Quadrise and during the last two years have also worked increasingly closely with Mark, both of whom have been integral to the recent business development initiatives which culminated in the recently announced trial in Morocco,” he added.

QFI was able to secure funding of GBP 4.5 million during Q3 2019 which will enable QFI to continue its business development activities through to the end of 2020 on the basis of current planned expenditure.

Below are the key business development updates on MSAR® in 2019:

  • Morocco- The in-country representative has proven to be very effective for Quadrise in Morocco - having been instrumental in securing the agreement with the major chemicals business to undertake an initial pilot trial at their manufacturing facility which was announced earlier today.  Pending the positive outcome of this first stagetool would then seek to progress to a larger-scale study and trials as a precursor to commercial roll-out.
  • Freepoint Commodities -Remains an important partner for QFI and the management remain in close contact on opportunities in Central and South America. QFI expects itself will be more valuable in terms of assisting in the commercialisation of projects, rather than identifying new ones. Freepoint also introduced QFI to Aleph Commodities who we are working with in the Kingdom of Saudi Arabia and Kuwait.
  • Redliner - Have demonstrated a good understanding of MSAR®technology and has arranged meetings with key parties within Mexico, most recently in November 2019.  This is a significant opportunity for QFI, although the management cannot overlook the challenges to progress new projects rapidly in the region on a fully funded basis, even for MSAR® projects that deliver material economic gains in the short-term. The Company will follow up during 2019 and into 2020.
  • European Oil Major- This work has not progressed materially to date - further progress will, QFI believe, be dependent on the development of major power or industrial customers for the substantial MSAR® volumes that would be generated at the refinery. QFI will continue to progress this market development work - which will also be the key to enabling the samples to be provided to enable full testing - given the operational challenges that there have been with the sample lines.
  • European Refiner- The initial stage of testing has been completed and visits carried out at both the client site and at QRF. The next stage is currently underway - with the client reviewing the economics of MSAR® compared with other IMO 2020 options, and if this proves positive, QFI expects to be developing a plan for a site trial during H1 2020.
  • Maersk/Marine - Discussions have continued in relation to the Royalty Agreement alongside Maersk's revised approach to IMO 2020 compliance that includes the installation of scrubbers on a significant number of their vessels.  However, like most operators in the sector, meaningful engagement is not likely until the operational challenges of IMO 2020 readiness is concluded during Q1 2020.
  • Kingdom of Saudi Arabia- Good progress has been made with Al Khafrah as our new local partner and we expect high level engagement with one of the major stakeholders shortly which will help to define the route to enabling project delivery to commence at the earliest possible time during 2020. This work includes the opportunity to consider MSAR® manufacture in the Kingdom of Saudi Arabia at lower cost.
  • Kuwait - The market in Kuwait is undergoing extensive change, with a new grass-roots refinery nearing completion and a major upgrading being completed which will effectively combine two smaller, existing refineries.  Recent meetings have confirmed that there is an opportunity at the new refinery and we will undertake initial feasibility work to present to the client team in Kuwait once technical information is received.
  • Bitumina – QFI have continued to review opportunities to access the residue sources and terminals available to Bitumina - which will ultimately depend on accessing suitable consumers in the power, marine or industrial markets.
  • Asia -QFI is continuing to review opportunities in Japan through JGC and the management is reviewing a refinery refuelling opportunity.  API Poly GCL undertook a study in China and concluded the market in the power and industrial sectors was constrained by local coal and gas, though opportunities in the marine market remain under review - subject to the local operators' (COSCO, etc.) approach to scrubbers in 2020.  As a result of challenging economics versus gas from LNG in combined-cycle plants and a change in its approach to the use of its existing assets, we have reached mutual decision with YTL Power Seraya to not renew the current MoU.
  • Merlin -QFI is continuing to review various heavy oil opportunities that would benefit from the use of MSAR®, though none are at the stage of progressing to active projects at this stage.
     
  • Nouryon - a new three-year agreement was signed on 8 October 2019 and recent discussions confirm that there are further opportunities for closer collaboration between Quadrise and Nouryon on project development.

“We are very pleased to have entered into this Agreement with this major industrial group in Morocco, which is a world leader in the sectors in which it operates and is a material consumer of fuel oil,” he commented on the agreement.

“We are looking forward to working with the Client's team in Morocco to develop and deliver the MSAR® pilot trial and feasibility studies and, ultimately to demonstrate the wider potential for MSAR® use in the industrial sector, in addition to the power and marine markets.”

“We are confident that we will successfully demonstrate the economic and environmental benefits of MSAR® and, therefore, be able to progress through to commercial supply of MSAR® to the Client in due course," he concluded.

 

 

Photo credit: Quadrise
Published: 17 January, 2020

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Business

Singapore: Convicted Hin Leong founder O.K. Lim to sell another bungalow for SGD 43 million

Third good class bungalow (GCB) in Tanglin Hill is owned by the former tycoon, who is waiting to be sentenced on 3 October, and his daughter Lim Huey Ching.

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The Founder of Hin Leong Trading, Lim Oon Kuin, also known as O.K. Lim, is looking to sell another one of his bungalows after he was convicted on two charges of cheating and one charge of instigating forgery for the purpose of cheating in May, according to news reports on Friday (21 June).

The third good class bungalow (GCB) in Tanglin Hill is owned by the former tycoon, who is waiting to be sentenced on 3 October, and his daughter Lim Huey Ching. 

The SGD 43 million property at 1K Tanglin Hill is being put up for tender and will close on 19 July. 

Lim reportedly sold his other GCB at 5 Second Avenue for SGD 33.39 million in October 2021 to the family of Mr Tan Yeow Khoon, former executive chairman of delisted logistics company Cogent Holdings.

In November 2023, his bungalow at 20 Third Avenue sold in November 2023 to a Singapore family for SGD 26.5 million. 

Manifold Times recently reported OK Lim, being convicted on the three charges after a trial of over 60 days.

The 82-year-old was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences, and Lim claimed trial to these charges.

The trial proceeded on three charges:

  • Two charges of cheating under Section 420 of the Penal Code, and,
  • One charge of instigating forgery for the purpose of cheating under Section 468 read with Section 109 of the Penal Code.

Lim faces imprisonment of up to 10 years and shall also be liable to a fine for each charge under Section 420 of the Penal Code and Section 468 read with Section 109 of the Penal Code.

An extensive coverage by Singapore bunkering publication Manifold Times regarding the fall of Hin Leong can be found below:

Related: Singapore: Hin Leong Trading Founder found guilty of cheating and instigating forgery charges
Related: Singapore: Lawyers of OK Lim and daughter accuse former PA of lying in her testimony
Related: Former PA to Hin Leong Trading Founder refutes OK Lim’s claim on his role in firm
Related: Founder OK Lim grilled by prosecutors on his involvement at Hin Leong Trading
Related: Singapore: Hin Leong Trading Founder testifies for the first time in his own defence
Related: Singapore: Hin Leong Trading Founder to testify in USD 111.7 mil cheating, forgery case
Related: Singapore: O.K. Lim, children faces liquidators and HSBC in USD 3.5 bil civil lawsuit
Related: Former PA to Hin Leong Trading Founder found lying in CAD investigations
Related: Singapore: Hin Leong Trading Founder goes to trial for cheating, forgery charges
Related: Hin Leong Trading Founder faces additional 105 cheating, forgery charges in court
Related: Ocean Tankers judicial managers progressing to liquidate firm after expiry of court order
Related: Singapore: Hin Leong Trading Director charged with obstructing course of justice
Related: Court of Appeal: Hin Leong, Lim family claim ‘without any factual or legal basis’
Related: Singapore: High Court dismisses UniCredit Bank USD 37 million claim against Glencore over Hin Leong transaction
Related: Singapore: Hin Leong takes Deloitte to court over alleged auditing failures
Related: Hin Leong Trading Founder OK Lim facing 23 new forgery-related charges at State Courts
Related: Application to wind up Hin Leong Trading subsidiary, Hin Leong Marine approved
Related: Singapore High Court approves Hin Leong Trading wind up order application
Related: Hin Leong Trading liquidates a third of its fleet to recover USD 3.5 billion debt
Related: Lim family aims to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: Judicial Managers of Hin Leong Trading Pte Ltd file for winding up order
Related: Hin Leong judicial managers to hold meeting of creditors to discuss fees incurred
Related: Lim family files application to wind up Hin Leong Trading subsidiary, Hin Leong Marine
Related: First creditors meeting of Ocean Tankers to be held in early January 2021
Related: Bank of China takes legal action against BP Plc and Lim family to recover $312.9 million
Related: OBS to wind up operations; creditor list alleges estimated USD 42 million debt
Related: Ocean Tankers publishes notice for creditors to prove any debts or claims for publication
Related: Hin Leong Trading founder denies allegations of forgery put forward by HSBC
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85.3 million
Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked
Related: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Ocean Tankers to return most ships to owners to reduce $540,000 a day cash burn
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Hin Leong founder O.K. Lim hit with second charge of abatement in forgery
Related: Hin Leong judicial managers and legal firms could rack up SGD 17.3 million in fees
Related: Winson Group wins ICC backing in dispute against banks over credit for Hin Leong Trading
Related: O.K. Lim and two children sued for USD 3.5billion; receiver appointed for 3 Xihe ships
Related: Managers of Ocean Tankers looking to recover USD 19 million from Lim family
Related: Argus Media: Singapore’s Hin Leong founder charged with forgery
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Hin Leong Trading lawyers publish application to fulfill requirements for hearing to proceed
Related: Ocean Tankers legal team publishes application to be placed under judicial management
Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed
Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL
Related: OCBC files for Xihe Holdings to be placed under judicial management
Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure claims
Related: Judicial managers of Ocean Tankers to present restructuring proposals to owners
Related: PwC probes uncover mass grave of financial skeletons and alleged fraud within HLT
Related: Winson Group seeks SGD 30.4 million from Standard Chartered over HLT related trade
Related: Winson Group seeks SGD 30.4 million from OCBC over credit pull in Hin Leong trade
Related: Ocean Tankers: Notice to prove debt or claim published by interim judicial managers
Related: ‘Reasonable prospects’ to keep Ocean Tankers as a going concern, states Director
Related: Singapore: Ocean Tankers, a separate entity of Hin Leong, seeking judicial management
Related: Singapore High Court concedes interim judicial management to Hin Leong Trading
Related: Sembcorp commences legal proceedings against Hin Leong Trading over gasoil cargo
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 24 June, 2024

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Environment

Malaysia to look into demands of Johor fisherman affected by oil spill from Singapore

Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the government will study their demand based on legal provisions available and look into solutions.

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Malaysia: Government to look into demands of Johor fisherman affected by oil spill from Singapore

A Malaysian minister said the government will look into the demands of fishermen in Johor affected by the recent oil spill that spread from Singapore waters, according to several media reports. 

Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the government will study their demand based on legal provisions available and look into solutions. 

His comments came following the recent oil spill after an allision between a dredger and a stationary bunker tanker in Singapore, which affected several beaches in the southern part of Johor. 

On 21 June, it was reported that the Johor Department of Environment stated it expected minimal pollution impact to the Johor’s coast and waters from the oil spill and that it was not as serious as initially predicted.

In a Facebook post, state health and environment committee chairman Ling Tian Soon said clean-ups began on 21 June at Sungai Rengit and Teluk Rumunia. 

Netherlands-registered dredger Vox Maxima crashed into the bunker vessel causing fuel from the bunker vessel’s cargo tank to spill into Singapore waters. 

Last week, MPA said the shipowner of Marine Honour, the stationary Singapore-flagged bunker tanker that was hit by a dredger recently, is liable for costs incurred from the 14 June oil spill.

MPA said tanker Marine Honour has “strict liability”, which means it is liable even in the absence of fault, for pollution damage caused by oil spill from its tanker in Singapore waters.

Related: MPA: Owner of bunker tanker involved in Singapore oil spill is liable for pollution damage
Related: Singapore: Allision between dredger and bunker tanker was not caused by port congestion, says Transport Minister
Related: Singapore: Oil spill cleanup after allision between dredger “Vox Maxima” and bunker tanker “Marine Honour”
Related: Singapore sees large increases in container volumes, bunkering activities remain unaffected
Related: MPA reports ‘significant increase’ in vessel arrivals in Singapore

 

Photo credit: Ling Tian Soon 
Published: 24 June, 202

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Alternative Fuels

WEF: South Africa has great potential as a production and bunkering hub for zero-emission bunker fuels

Report highlighted a clear demand signal for bunkering ZEF in selected South African ports will be needed to realise the country’s opportunity to become a global hotspot for zero-emission shipping.

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WEF: South Africa has great potential as a production and bunkering hub for zero-emission bunker fuels

South Africa has great potential as a production and bunkering hub for zero-emission shipping fuels – but it needs global demand to get the ball rolling, according to a report by the World Economic Forum recently.

The white paper, titled Decarbonising South Africa’s Shipping and Trucking Sectors, presented the findings and recommendations from a First Movers Coalition workshop held in South Africa in March 2024, which focused on decarbonising the country’s shipping and trucking sectors and developing its potential to produce green hydrogen.

The report said more than 200 dual-fuel methanol vessels have been ordered globally, requiring over 20 Mt of e-methanol fuel per annum to achieve 100% zero-emission operability.

However, fuel availability at that scale is expected to be challenged until at least 2030-35. This demand creates an opportunity for South African producers to secure early customers and sign advance offtake agreements, providing certainty for new projects and improving investment prospects.

The study noted that ammonia also brings advantages as a zero-emission fuel (ZEF), such as high carbon-emission savings, unlimited feedstock (nitrogen) availability and existing logistical infrastructure around the globe. 

While ammonia engines will reach the market from 2025 at the earliest, major carriers like Trafigura and BHP are already placing orders for dual-fuel ammonia vessels.

The World Bank has conducted a pre-feasibility study on establishing green shipping fuel value chains at the ports of Boegoebaai and Saldanha Bay. The study identifies ammonia as the preferred ZEF production choice for South Africa, due to the scarcity of biogenic carbon dioxide to produce methanol. 

“Most of the fuel’s cost comes from hydrogen feedstock – but by leveraging abundant wind and solar supply, the two ports will be able to generate renewable electricity at scale to produce competitive green hydrogen for local industry use (e.g. green steel) and to produce green ammonia for export to the global shipping industry,” the report said.

On bunkering, the report stated political disturbance and security risks in the Red Sea during 2023 to 24 forced many shipping operators to abandon the Suez Canal and re-route their cargo around the Cape of Good Hope. 

Even without those risks, operators shipping lower value or less time-critical cargo may use the Cape route rather than the more expensive Suez Canal, adding two weeks to a ship’s voyage time from Asia to Europe.

“This extra travel time – plus the lower density of zero-emission fuels – could compel vessels running on ZEF to bunker in South Africa before reaching Europe,” it said. 

“Access to zero-emission fuels therefore opens up the possibility of South African ports positioning themselves as bunkering hubs to supply passing shipping traffic.”

“Furthermore, the potential for South Africa to produce e-methanol and e-ammonia has triggered plans to develop ‘green corridors’ – effectively routes connecting ports for vessels to sail on ZEF.

However, the report highlighted a clear demand signal for bunkering ZEF in selected South African ports will be needed to realise the country’s opportunity to become a global hotspot for zero-emission shipping.

“As local demand may take some years to build up, certainty from global demand will play a key role. It is also important to assess different uses for hydrogen beyond maritime fuel, to determine how multi-sectoral offtake can improve the business case for potential project developers,” it said.

Note: The full white paper, titled ‘Decarbonising South Africa’s Shipping and Trucking Sectors’, can be viewed here.

 

Photo credit: World Economic Forum
Published: 24 June, 2024

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