EET Fuels secures $650 mn financing facilities for decarbonisation plans

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 o