03-10-2024
EET Fuels agrees financing for decarbonising Stanlow refinery
EET Fuels, owner of the Stanlow refinery, is pleased to confirm it has successfully agreed USD$650 million in receivable financing and trade credit financing facilities in this quarter.
This demonstrates market confidence in the Company’s decarbonisation strategy. 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% 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:
- New receivable facility with ABN AMRO Bank for $150m,
- Extending and upsizing HCOB and UMTB facility to $200m for receivable financing, and
- A trade credit financing for $300m with an international oil company.
EET Fuels’ continuing operational improvement and delivery of its energy transition strategy, including the creation of a major UK energy transition hub at Stanlow, is central to these new relationships.
The new facilities widen EET Fuels’ strategic and financing partnerships including with major European banks and established trading partners. This enables the Company to also develop customer offerings, growing relationships and sales volumes. The new financing facilities further strengthen EET Fuels’ 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.”
News Category:
-
A new approach to catalyst recycling & sulfur recovery
(Webinar) - Evonik’s catalyst reuse technologies enable today’s sulfur recovery unit operators to gain the activity they require while minimizing cost and environmental ...
24-10-2024
-
Neste and Tepsa Netherlands strengthen chemical recycling logistics infrastructure in Europe
Neste enhances its chemical recycling capabilities by collaborating with Tepsa Netherlands on the storage and handling of liquefied waste plastic in Rotterdam, the Netherlands. ...
04-10-2024
-
Quest One and MAN Energy Solutions open new gigahub
Electrolysis specialist Quest One, a subsidiary of MAN Energy Solutions, has opened its new ‘Gigahub’ for the serial and automated production of electrolysis stacks ...
03-10-2024
-
BCCK and Carbon Clean sign agreement to deliver carbon capture solutions across the US
BCCK and Carbon Clean will collaborate to provide Carbon Clean’s semi-modular CaptureX technology to customers across the US. Priority sectors include oil & gas ...
03-10-2024
-
Worley to provide pre-FEED for e-methanol facility in Sweden
Worley in agreement with Liquid Wind to provide design and engineering services for the development of the NorthStarH2 e‑methanol facility in Östersund, Sweden. The ...
03-10-2024
-
EET Fuels agrees financing for decarbonising Stanlow refinery
EET Fuels, owner of the Stanlow refinery, is pleased to confirm it has successfully agreed USD$650 million in receivable financing and trade credit financing facilities ...
03-10-2024
-
Mitsubishi Heavy Industries Compressor International Corporation (MCO-I), a leader in the design and manufacturing of compressors, steam turbines and associated auxiliaries, ...
01-10-2024
-
Downey Ridge Environmental and bp to transform brown grease waste into Biofuels
Downey Ridge Environmental Company and bp announce a groundbreaking agreement that will enable the capture and extraction of brown grease waste as a feedstock ...
01-10-2024
-
OCI Global completes sale of clean ammonia to Woodside
OCI Global, a leading global producer and distributor of hydrogen products is pleased to announce the successful closing of the divestment of its Clean Ammonia project ...
30-09-2024
-
Microsoft announces pioneering green hydrogen pilot project with ESB
Microsoft announced today that it has entered into an agreement with ESB that will see its data centre power control and administration building in Dublin be powered ...
27-09-2024