EET Fuels has successfully agreed almost £500 million in receivable financing and trade credit financing facilities in this quarter.
The facilities secured to support this strategy include:
- A new receivable facility with ABN AMRO Bank for $150m
- An extended and upsized facility with banks HCOB and UMTB for $200m
- A trade credit financing for $300m with “an international oil company”.
Essar Energy Transition (EET) Fuels, whose Cheshire refinery supplies 16% of all road transport fuels in the UK, says its Stanlow decarbonisation plan “is central to these new relationships” and that the three receivable financing and trade credit financing facilities it has agreed show the market is confident in its plans to deliver the world’s first decarbonised refinery at Stanlow as it continues its push towards hydrogen.
Stanlow is at the heart of the HyNet low-carbon cluster, which aims to grow the low-carbon economy in the North West and North Wales.
A stronger balance sheet
Satish Vasooja, Chief Financial Officer at EET Fuels, commented: “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.”
Tarun Naruka, Head of Corporate and Structured Finance at EET Fuels, commented: “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.”
Image credit: EET Fuels