By Adam Clark
Sabien Technology Group PLC shares surged on Wednesday after the company said it has been appointed as exclusive sales agent in the U.K. for South Korea's City Oil Field Inc. for one year, with potential for a longer partnership.
Sabien said City Oil Field's technology is focused on the production of ultra-pure fuel products from end-of-life plastics and that the agreement represents a precursor to a greater involvement in the waste-to-energy sector.
Subject to technology verification by Cambridge University, Sabien intends to participate in one or more commercial partnerships to fund, construct and operate City Oil Field-powered recycling plants, it said.
Sabien shares at 0737 GMT were up 32% at 24.50 pence.
Write to Adam Clark at adam.clark@dowjones.com
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