EET Fuels Sets Global Standard with $650M for Decarbonization

EET Fuels, owner of the UK's Stanlow oil refinery, secures $650 million for decarbonization. The funds support their strategy for reducing emissions by 95% through industrial carbon capture and blue hydrogen. The financing involves major European banks and an international oil company, enhancing their business prospects.

EET Fuels, the owner of the UK's Stanlow oil refinery, announced on Thursday that it has secured $650 million in financing to back its ambitious decarbonization plans.

The company aims to set a new benchmark in industrial decarbonization by reducing emissions by 95% by decade's end. Core strategies include industrial carbon capture and the use of blue hydrogen, with $150 million in financing from ABN AMRO Bank, a $200 million extension from HCOB and UMTB, and a $300 million trade credit facility with an international oil company.

Chief Financial Officer Satish Vasooja expressed confidence in the strategy, emphasizing strong financing partnerships. Meanwhile, Tarun Naruka highlighted the strategic financial flexibility these new facilities bring.

(With inputs from agencies.)