EET Fuels Secures $650 Million for Decarbonization
Oct 03, 2024 14:50
EET Fuels, owner of UK's Stanlow oil refinery, secures $650 million in financing to support its decarbonization plans, including carbon capture and blue hydrogen use.
New Delhi, Oct 3 (PTI) EET Fuels, owner of UK's Stanlow oil refinery, on Thursday said it has secured USD 650 million in financing and trade credit financing facilities for its decarbonisation plans.
"This demonstrates market confidence in the company's decarbonisation strategy," the firm said in a statement.
Essar Energy Transition (EET) Fuels is setting a new global benchmark for industrial decarbonisation, becoming the first low carbon process refinery as it will reduce emissions by 95 per cent by the close of the decade. Industrial carbon capture and use of blue hydrogen are at the heart of the company's strategy.
The facilities secured to support this strategy include USD 150 million from ABN AMRO Bank, extension and upsizing HCOB and UMTB facility to USD 200 million for receivable financing, and a trade credit financing for USD 300 million with an international oil company.
The firm did not reveal details such as coupon rate and tenure.
"EET Fuels' continuing operational improvement and delivery of its energy transition strategy, including the creation of a major UK energy transition hub at Stanlow, is central to these new relationships," the statement said.
The new facilities widen EET Fuels' strategic and financing partnerships, including with major European banks and established trading partners.
This enables the company to also develop customer offerings, growing relationships and sales volumes. The new financing facilities further strengthen EET Fuels' balance sheet.
Satish Vasooja, Chief Financial Officer at EET Fuels, said, "This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence."
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
MORE NEWS
FSSAI Reclassifies Packaged Water as High-Risk,...
The FSSAI has reclassified packaged drinking water as a high-risk food category,...
Sebi Bans 'Baap of Chart' & 6 Others for...
Sebi has banned 'Baap of Chart' and six others for one year for providing unregistered...
RBI Urges Banks to Reduce Inoperative Accounts
The RBI has directed banks to reduce inoperative accounts urgently, citing concerns...
Mphasis F1 Foundation, Nudge Institute Offer Rs...
Mphasis F1 Foundation and The/Nudge Institute announce a competition with a prize purse...
APFD, APFDC & ISB Partner to Revitalize Forest...
Andhra Pradesh government and ISB collaborate to empower women and revitalize forest...
Torrent Power Opens QIP at Rs 1,555.75
Torrent Power has opened a qualified institutional placement (QIP) of shares at a floor...
Home First Finance Stake Sold for Rs 1,728 Crore
Promoters of Home First Finance and Warburg Pincus affiliate divest 19.6% stake in the...
Kerala Attracts Rs 44,000 Crore Investment:...
Kerala has attracted Rs 44,000 crore investment from domestic entrepreneurs in the last...
Hindustan Coca-Cola Beverages Opens New...
Telangana Chief Minister A Revanth Reddy inaugurated Hindustan Coca-Cola Beverages' new...
RBI to Hold Rates, Analysts Cut Growth Estimates
Analysts expect the Reserve Bank of India to keep rates unchanged on Friday, but cut...
Read More »