EET Fuels Gains Investor Trust in Decarbonisation Goals
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Synopsis
EET Fuels has successfully secured new financing, enhancing its position in the market and underscoring confidence in its decarbonisation strategy. With significant plans to become a leader in low carbon processes, the company is on track to set a global standard in energy transition.
Key Takeaways
- EET Fuels secures $350 million in new financing.
- Plans to reduce carbon emissions by 95%.
- Development of Stanlow as an energy transition hub.
- New partnerships with Afreximbank and others.
- Strengthening balance sheet for long-term goals.
Stanlow (UK), Jan 14 (NationPress) EET (Essar Energy Transition) Fuels is delighted to announce that it has successfully secured new financing arrangements that reflect strong market confidence in the company's decarbonisation strategy, market position, and strategic significance.
With aspirations to establish itself as the leading low carbon process refinery, aiming for a 95 percent reduction in carbon emissions, EET Fuels plans to transform Stanlow into a hub for energy transition. This includes initiatives such as industrial carbon capture, production of low carbon hydrogen, and the development of Europe’s first hydrogen-powered combined heat and power plant, thereby setting a global standard for industrial decarbonisation.
The company has secured $350 million in re-financing through a mix of new bank financing and an increase in existing trade credit financing facilities this quarter. This follows the announcement made in October 2024 regarding $650 million in financing facilities, which included a new receivable facility with ABN AMRO Bank and the extension of pre-existing HCOB and UMTB facilities.
Among the newly secured facilities is a $150 million agreement with the African Export-Import Bank (Afreximbank), a Pan-African multilateral financial institution focused on financing and promoting trade within and outside Africa. Additionally, the previously reported $300 million trade credit financing facility with an international oil company has been increased to $500 million.
The newly acquired facilities position EET Fuels to effectively pursue its decarbonisation objectives, enhancing its balance sheet with stable medium-term financing, while strengthening existing partnerships with key trading entities and forging new connections in African markets.
Satish Vasooja, Chief Financial Officer at EET Fuels, stated, “We are at the forefront of the energy transition, and our goal is to be the world’s first low carbon refinery. The new facility with Afreximbank, which diversifies our financing sources and establishes new partnerships, bolsters our ongoing transformation and highlights market confidence in our energy transition strategy.”
