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.
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(Essar) Essar Oil (UK) Limited (Essar) is delighted to join forces with Fulcrum BioEnergy Limited (Fulcrum) and Essar’s subsidiary company Stanlow Terminals Limited to create a new facility which will convert non-recyclable household waste into sustainable aviation fuel (SAF) for use by airlines operating at UK airports.
This innovative bio-refinery will convert several hundred thousand tonnes of pre-processed waste, which would have otherwise been destined for incineration or landfill, into approximately 100 million litres of low carbon SAF annually.
The project, which will see an investment of approximately £600m, will use Fulcrum’s proven waste-to-fuel process, which is already being deployed at its pioneering facility outside of Reno, Nevada in the United States, where operations are due to begin later this year.
Uniindia: Kolkata, Feb 15 (UNI) Essar Oil (UK) Limited (Essar) is delighted to join forces with Fulcrum BioEnergy Limited (Fulcrum) and Essar’s subsidiary company Stanlow Terminals Limited to create a new facility which will convert non-recyclable household waste into sustainable aviation fuel (SAF) for use by airlines operating at UK airports.