SUMMARY
- EET Fuels secures $650M funding from major financial institutions, including ABN AMRO and HCOB.
- The firm supports a decarbonization strategy aiming for 95% emission reduction through carbon capture and blue hydrogen.
- Enhances financial flexibility, strengthens balance sheet & facilitates growth in customer base & revenues.
The UK-based Stanlow refinery’s owner, EET (Essar Energy Transition) Fuels, announced on Thursday that it had secured $650 million in trade credit and funding. The business obtained $300 million in trade credit finance from an international oil corporation, $150 million from ABN AMRO Bank, $200 million from Hamburg Commercial Bank AG (HCOB) and Mizrahi Tefahot Bank Ltd (UMTB).
In a press statement, the company said, “This demonstrates market confidence in the company’s decarbonization strategy. EET Fuels is setting a new global benchmark for industrial decarbonization, becoming the first low-carbon process refinery as it will reduce emissions by 95% by the close of the decade. Industrial carbon capture and use of blue hydrogen are at the heart of the Company’s strategy. These new relationships are central to EET Fuels’ continuing operational improvement and delivery of its energy transition strategy, including the creation of a major UK energy transition hub at Stanlow.”
“Knowing our decarbonization strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence”, stated Chief Financial Officer at EET Fuels, Satish Vasooja.
Major European banks and reputable trading partners are among the strategic and financial alliances that EET Fuels has expanded with the opening of these new facilities. Because of this, the business is also able to expand its consumer base, cultivate new connections, and increase revenues. Further fortifying EET Fuels’ balance sheet are the new funding capabilities.
“These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrating that major financing partners are aligned to our core strategy, including cost optimization and continued performance improvement”, stated Head of Corporate and Structured Finance at EET Fuels, Tarun Naruka.
