- Quadrise Fuels International said it had terminated an agreement with M/S Rafid Group for Trading & Contracting in Saudi Arabia designed to develop its alternative fuel products.

The non-binding memorandum of understanding was signed in August 2012.

'We have been working with Rafid for many years in Saudi Arabia, though unfortunately, we were not able to progress the projects that we were working on together under the MOA,' executive chairman Mike Kirk said.

'I would like to thank everyone at Rafid for the assistance that they have provided and wish them every success in the future.'

Quadrise Fuels also said it would undertake initial analytical testing imminently in relation to a separate MOU signed last year with a European integrated oil company.

The testing should enable full pilot testing to be completed, once the required samples had been delivered, during the third quarter of the year, the company said.

At 3:07pm: [LON:QFI] Quadrise Fuels International PLC share price was -0.03p at 3.4p

Story provided by