New Delhi, Oct 3 (UNI) Essar Energy Transition (EET) Fuels, the owner of Stanlow refinery in the UK, on Thursday said that it has secured US$ 650 million in receivable financing and trade credit financing facilities in the ongoing quarter.

"This demonstrates market confidence in the company’s decarbonisation strategy," the company said in a media release.

The company said that new financing facilities widen EET Fuels’ strategic and financing partnerships including with major European banks and established trading partners. Further, it said that the new financing facilities also strengthen EET Fuels’ balance sheet.

EET Fuels hopes to become the first low carbon process refinery as it reduces emissions by 95% by the close of the decade.

"Industrial carbon capture and use of blue hydrogen are at the heart of the company’s strategy," EET Fuels said.

Commenting on new financing facilities, Satish Vasooja, Chief Financial Officer at EET Fuels said, “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.”

Added Tarun Naruka, Head of Corporate and Structured Finance at EET Fuels, “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.”

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