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 "Funding among Indian startups declined by a marginal 7 per cent in the first nine months of 2024 to $7.6 billion from $8.2 billion during the same period last year.")
This enables the company to also develop customer offerings, growing relationships and sales volumes. | Representative Picture
EET Fuels, owner of UK’s Stanlow oil refinery, on Thursday said it has secured $ 650 million in financing and trade credit financing facilities for its decarbonisation plans.
“This demonstrates market confidence in the company’s decarbonisation strategy,” the firm said in a statement.
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Essar Energy Transition (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 per cent 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 $ 150 million from ABN AMRO Bank, extension and upsizing HCOB and UMTB facility to $ 200 million for receivable financing, and a trade credit financing for $ 300 million with an international oil company.
The firm did not reveal details such as coupon rate and tenure.
“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 statement said.
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, said, “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, said, “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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 03 2024 | 4:21 PM IST
