EET Fuels, the owner of the Stanlow refinery in the UK, announced that it has successfully secured $350 million in new financing. This includes a combination of receivable financing and an increase in existing trade credit facilities.
The company stated that the financing arrangement comprises both new bank financing and the expansion of trade credit facilities in the current quarter. This latest round of funding follows a previous announcement in October 2024 when the company secured $650 million in financing, which included a new receivable facility with ABN AMRO Bank.
Among the new facilities is a $150 million agreement with African Export-Import Bank (Afreximbank), a multilateral institution focused on promoting trade across Africa. Additionally, the company has increased its existing $300 million trade credit financing facility with an international oil company to $500 million. These moves are seen as part of EET Fuels’ strategy to diversify its funding sources and strengthen its position in the global energy market, especially as it accelerates its transition to lower-carbon operations.
The financing will help EET Fuels achieve its decarbonization goals, which include reducing carbon emissions by 95% and transforming the Stanlow refinery into an energy transition hub. This will involve integrating industrial carbon capture, producing low-carbon hydrogen, and establishing Europe’s first hydrogen-fueled combined heat and power plant. Through these initiatives, EET Fuels aims to set a global standard for industrial decarbonization while continuing to build strong relationships with key partners and expand its presence in African markets.
EET Fuels, part of the Essar Group, is a leading player in the energy transition sector, driving advancements in low-carbon energy solutions. As the owner of the Stanlow Refinery in the UK, EET Fuels is at the forefront of decarbonizing industrial processes by integrating innovative technologies such as carbon capture, hydrogen production, and renewable energy solutions.
The company is committed to reducing carbon emissions by 95% at its refinery, aiming to transform Stanlow into a sustainable energy hub. With significant investments in financing facilities and partnerships, EET Fuels is setting benchmarks for industrial decarbonization, supporting global efforts toward a cleaner, greener energy future.
