NEW DELHI: EET Fuels, the trading name of Essar Oil (UK, has secured fresh round of funding of $350 million through a combination of a new bank financing and upsizing of existing trade credit, the company said on Tuesday.
The new facilities secured consists of a $150 million facility with African Export-Import Bank (Afreximbank), the Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
Upsizing of the previously reported $300 million trade credit financing facility with an international oil company to $500 million is the second component of the latest funding round, the company said.
This follows the announcement in October 2024 of $650 million in financing facilities, including a new receivable facility with ABN AMRO Bank and the extension of the pre-existing facility.
EET plans to become the leading low carbon-process refinery by reducing carbon emission by 95% and developing Stanlow as an energy transition hub. The latter includes industrial carbon capture, low carbon hydrogen production and Europe’s first hydrogen-fuelled combined heat and power plant.
