- Quadrise Fuels International said it had signed a non-binding agreement with energy consultancy Merlin Energy Resources to potentially develop the company's alternative fuel products.

Quadrise said the two companies would jointly evaluate, develop and seek to promote upstream heavy oil projects, with the intention of securing commercial agreements relating to the application of Qudrise's MSAR technology and Merlin's services.

Potential equity ownership by both companies could be taken in the heavy oil assets.

Under the terms of the memorandum of understanding, the companies intended to co-operate on an exclusive basis a two-year term, with a view to initiating at least one MSAR project during 2019.

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