EET Fuels Announces $350 Million Funding Boost

EET Fuels, trading under Essar Oil (UK), has successfully secured a significant funding round totaling $350 million. This financial injection comprises a new bank financing agreement and an expansion of existing trade credit facilities, marking a pivotal moment in the company's growth strategy.

Strategic Partnerships and Financial Expansion

Key to this funding round is a $150 million facility with the African Export-Import Bank (Afreximbank), a leading Pan-African multilateral financial institution. Additionally, EET Fuels has upscaled its previously reported $300 million trade credit financing facility with an international oil company to $500 million, further solidifying its financial base.

Commitment to a Low-Carbon Future

EET Fuels is on a mission to become the leading low-carbon process refinery. With ambitious plans to reduce carbon emissions by 95%, the company is developing Stanlow as an energy transition hub. This includes pioneering industrial carbon capture, low-carbon hydrogen production, and Europe's first hydrogen-fuelled combined heat and power plant.