EET Fuels, owner of the Stanlow refinery in the UK, has secured $650 million in financing and trade credit, bolstering its efforts to reduce emissions by 95% by decade-end through industrial carbon capture and blue hydrogen. This funding reflects strong market confidence in the company's decarbonization strategy.
EET (Essar Energy Transition) Fuels, owner of the Stanlow refinery in the UK, has raised $650 million in financing and trade credit, the company said on Thursday.
The company raised $150 million from ABN AMRO Bank , $200 million from Hamburg Commercial Bank AG (HCOB) and Mizrahi Tefahot Bank Ltd (UMTB), and a trade credit financing for $300 million with an international oil company.
"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," the company said in a press statement, adding that 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.
Satish Vasooja, Chief Financial Officer at EET Fuels, said, "Knowing our decarbonization strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.
” 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.
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