EET Fuels Announces $650m Funding Boost for Stanlow Refinery Decarbonisation Strategy
Key Ideas
- EET Fuels secures $650 million in funding through receivable and trade credit financing to support its decarbonisation strategy.
- The company aims to reduce emissions by 95% by the end of the decade, focusing on industrial carbon capture and use of blue hydrogen.
- Recent incidents at the refinery, including dust release and an oil spill, have been addressed, with no health or safety risks reported.
- The funding from major financing partners strengthens EET Fuels' balance sheet, enabling further development of its energy transition hub and customer relationships.
EET Fuels, owner of the Stanlow refinery near Ellesmere Port, has secured a substantial $650 million funding boost through receivable and trade credit financing. This funding signifies market confidence in the company's decarbonisation strategy, aiming to set a global benchmark by reducing emissions by 95% by the end of the decade. Central to this strategy are industrial carbon capture and the use of blue hydrogen. Despite recent fallout incidents at the refinery, including dust release and an oil spill, which were swiftly addressed with no reported health or safety risks, EET Fuels remains committed to its environmental responsibilities. The funding, sourced from major financing partners, including ABN AMRO Bank and an international oil company, will support the company's operational improvements and energy transition plans. EET Fuels plans to utilize the funding to enhance customer offerings, strengthen partnerships, and boost sales volumes. The company's CFO and head of corporate finance expressed satisfaction with the new facilities, emphasizing the alignment of major financing partners with EET Fuels' core strategies of cost optimization and performance improvement.
Topics
Blue Hydrogen
Energy Transition
Funding
Decarbonisation
Finance
Partnerships
Environmental
Refinery
Operations
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