EET (Essar Power Transition) Fuels, which owns the Stanlow refinery within the UK, stated on Tuesday that it has efficiently secured $350 million in receivable financing and commerce credit score financing amenities.
“The corporate has agreed $350 million in re-financing by way of a mix of a brand new financial institution financing and upsizing of current commerce credit score financing amenities on this quarter,” the corporate stated
This follows the announcement in October 2024 of $650 million in financing amenities together with a brand new receivable facility with ABN AMRO Financial institution and the extension of the pre-existing HCOB and UMTB facility, it added.
The brand new refinancing amenities secured embody a $150 million facility with African Export-Import Financial institution (Afreximbank), the Pan-African multilateral monetary establishment mandated to finance and promote intra-and extra-African commerce.
It additionally includes the upsizing of the beforehand reported $300 million commerce credit score financing facility with a world oil firm to $500 million, EET Fuels stated.
This new facility with Afreximbank, additional diversifying our sources of finance and establishing new relationships, helps our ongoing transformation and showcases market confidence in our power transition technique,” stated Satish Vasooja, Chief Monetary Officer at EET Fuels.
The brand new amenities guarantee EET Fuels’ is well-placed to ship on its decarbonisation ambitions by strengthening its steadiness sheet with secure medium time period financing, deepening current relationships with key buying and selling companions whereas additionally establishing relationships in new African markets.
With plans to turn into the main low carbon course of refinery, by way of the supply of a 95 per cent discount in carbon emissions, and to develop Stanlow into an power transition hub, together with industrial carbon seize, low carbon hydrogen manufacturing and Europe’s first hydrogen-fuelled mixed warmth and energy plant, EET Fuels is setting a worldwide benchmark for industrial decarbonisation.