EET Fuels Secures $350M for Decarbonisation Ambitions

EET Fuels, the trading name for Essar Oil (UK) Ltd, has secured $350 million in financing as part of its efforts to decarbonize its operations. The funding, sourced from Afreximbank and an upscaled crude facility, will support a $1.2 billion investment aimed at significantly reducing emissions by 2030.

EET Fuels, the trading name of Essar Oil (UK) Ltd, has announced securing $350 million in financing. This development reflects investor confidence in the company's decarbonization strategy and market positioning.

Securing $150 million from African Export-Import Bank and expanding an existing trade credit facility to $500 million, EET Fuels plans significant decarbonization investments, totaling $1.2 billion over five years, aiming for a 95% reduction in emissions by 2030.

According to CFO Satish Vasooja, these financial arrangements strengthen the balance sheet and support its transformation into a low-carbon refinery, marking a significant step in the company's energy transition strategy.

(With inputs from agencies.)