EET Fuels, the owner of the Stanlow oil refinery in the UK, has secured $650 million in funding to support its decarbonization efforts. The company highlighted this as a sign of strong market confidence in its sustainability strategy.
Essar Energy Transition (EET) Fuels aims to set a new global standard by becoming the first refinery to significantly reduce emissions, targeting a 95% reduction by the end of the decade. The core of this initiative involves industrial carbon capture and the use of blue hydrogen.
The funding includes $150 million from ABN AMRO Bank, $200 million from the extension and expansion of HCOB and UMTB’s receivables financing, and a $300 million trade credit facility from an international oil company. EET Fuels has not disclosed specifics on the coupon rate or the duration of the financing.
“This is a great step for EET Fuels, reaffirming that our decarbonization plans are supported by key financial partners. It gives us the confidence to continue investing and growing,” said Satish Vasooja, CFO of EET Fuels.
The new financial arrangements not only solidify the company’s balance sheet but also expand its partnerships with major European banks and trading partners, positioning the firm to enhance customer relationships and grow sales volumes.
Head of Corporate and Structured Finance, Tarun Naruka, added, “These facilities provide flexibility and demonstrate that our key financial partners are aligned with our strategy of cost optimization and continued performance improvement.”
