Essar’s EET Fuels secures $350 million contemporary funding

NEW DELHI: EET Fuels, the buying and selling title of Essar Oil (UK, has secured contemporary spherical of funding of $350 million via a mixture of a brand new financial institution financing and upsizing of current commerce credit score, the corporate stated on Tuesday.
The brand new services secured consists of a $150 million facility with African Export-Import Financial institution (Afreximbank), the Pan-African multilateral monetary establishment mandated to finance and promote intra-and extra-African commerce.
Upsizing of the beforehand reported $300 million commerce credit score financing facility with a world oil firm to $500 million is the second element of the newest funding spherical, the corporate stated.
This follows the announcement in October 2024 of $650 million in financing services, together with a brand new receivable facility with ABN AMRO Financial institution and the extension of the pre-existing facility.
EET plans to grow to be the main low carbon-process refinery by lowering carbon emission by 95% and growing Stanlow as an vitality transition hub. The latter contains industrial carbon seize, low carbon hydrogen manufacturing and Europe’s first hydrogen-fuelled mixed warmth and energy plant.