Essar Energy Transition (EET) Fuels, the owner of the Stanlow refinery, announced the securement of $650 million in receivable financing and trade credit financing facilities this quarter.
These new agreements demonstrate the market’s confidence in the company’s ambitious decarbonisation goal.
With a target of 95% less emissions by the end of the decade, EET Fuels intends to transform Stanlow into the first low-carbon refinery in history.
This will be accomplished by incorporating blue hydrogen into processes and implementing industrial carbon capture technology.
Also read: Essar Energy to launch Europe’s first 100% hydrogen-ready power plantÂ
Tarun Naruka, Head of Corporate and Structured Finance at EET Fuels, said, “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.”
ABN AMRO Bank has received a new $150 million receivable facility as one of the facilities to support this approach.
Additionally, the UMTB and HCOB facilities have been expanded to a capacity of $200 million for receivable financing.
A trade credit financing for $300 million has also been secured with an international oil company.
Also read: JERA unveils decarbonisation plans with investments worth $32 billionÂ
These additional facilities will help support EET Fuels’ decarbonisation goal and extend its strategic partnerships with leading European banks and established trading partners.
The agreements are expected to enable the business to enhance client relationships, boost revenue, and produce better operational results.
