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Essar Oil UK announces appointment of Chief Executive Officer
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Essar Oil UK announces appointment of CEO | Chester and District Standard
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The company has secured a £7.2m grant from the Government s Industrial Energy Transformation Fund. The funding will be invested in a project to install a new furnace in the crude distillation unit at Stanlow that will be able to run on a 100% hydrogen fuel source. It will be the UK’s first refinery-based furnace able to be fuelled entirely by hydrogen. Once completed and operational, the net zero ready furnace will reduce Stanlow’s CO2 emissions by 11% per year and deliver immediate energy efficiency improvements. The furnace will use hydrogen produced by the HyNet North West project at the site, with the first stage of the initiative set to come on stream in 2025.
Essar Oil (UK) ties up over $850 million in new funding
May 21, 2021
Prashant Ruia×
With these financial arrangements in place, EOUK has more low-cost liquidity to meet its upcoming requirements
Essar Oil (UK) Limited (EOUK), which owns and operates the Stanlow Refinery, said it has closed new financial arrangements of over $850 million.
This has allowed EOUK to replace its former credit facility as well as access additional capital, thereby strengthening its financial position. The funding is made up of liquidity from a diversified range of sources, including bilateral arrangements with many of its key customers on enhanced payment terms and other long-term financings, linked primarily to crude supply, the company said in a statement.