+
Essar Energy transition fuels secures $650 mn in financing
POWER & RENEWABLE ENERGY

Essar Energy transition fuels secures $650 mn in financing

Essar Energy Transition (EET) Fuels, the owner of the Stanlow refinery, announced on Thursday that it has successfully secured $650 million in receivable financing and trade credit financing facilities this quarter.

According to the official press release, the new funding includes a $150 million receivable facility with ABN AMRO Bank, an extension and increase of the HCOB and UMTB facility to $200 million for receivable financing, and a $300 million trade credit financing agreement with an international oil company.

These facilities are designed to enhance EET Fuels’ strategic and financing partnerships, particularly with major European banks and established trading partners. The funding will also support the development of customer offerings and bolster relationships and sales volumes, further strengthening EET Fuels’ balance sheet.

“This is a fantastic outcome for EET Fuels. With the backing of significant financing partners for our decarbonization strategy, we can continue to invest in and grow our business with confidence,” stated Satish Vasooja, CFO of EET Fuels.

Tarun Naruka, head of corporate and structured finance at EET Fuels, added that these new facilities will enhance the company’s financial flexibility and strengthen its balance sheet.

The press release also highlighted that EET Fuels is setting a new global standard for industrial decarbonization, aiming to become the first low-carbon process refinery and planning to reduce emissions by 95% by the end of the decade.

Essar Energy Transition (EET) Fuels, the owner of the Stanlow refinery, announced on Thursday that it has successfully secured $650 million in receivable financing and trade credit financing facilities this quarter.According to the official press release, the new funding includes a $150 million receivable facility with ABN AMRO Bank, an extension and increase of the HCOB and UMTB facility to $200 million for receivable financing, and a $300 million trade credit financing agreement with an international oil company.These facilities are designed to enhance EET Fuels’ strategic and financing partnerships, particularly with major European banks and established trading partners. The funding will also support the development of customer offerings and bolster relationships and sales volumes, further strengthening EET Fuels’ balance sheet.“This is a fantastic outcome for EET Fuels. With the backing of significant financing partners for our decarbonization strategy, we can continue to invest in and grow our business with confidence,” stated Satish Vasooja, CFO of EET Fuels.Tarun Naruka, head of corporate and structured finance at EET Fuels, added that these new facilities will enhance the company’s financial flexibility and strengthen its balance sheet.The press release also highlighted that EET Fuels is setting a new global standard for industrial decarbonization, aiming to become the first low-carbon process refinery and planning to reduce emissions by 95% by the end of the decade.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code