Essar Energy Transition Fuels has secured a $500 million crude and product facility from Abu Dhabi's IRH Global Trading. The deal aims to diversify crude sourcing and product marketing for the Stanlow refinery, optimize working capital, and enhance feedstock security.
This agreement enhances feedstock security and operational resilience for Essar's Stanlow refinery, supporting its transition to low-carbon fuels and strengthening its position in volatile global energy markets.
Essar Energy Transition Fuels (EETF), which operates the Stanlow refinery in the UK, has finalized a $500 million strategic crude sourcing and product supply facility agreement with IRH Global Trading, an Abu Dhabi-based entity. The agreement is designed to diversify crude sourcing options, optimize working capital, and bolster feedstock security for the refinery, particularly amid volatile global energy markets.
IRH Global Trading, a subsidiary of International Resources Holding (IRH), will provide the necessary crude sourcing and product supply support. This transaction is a significant step for Essar as it seeks to strengthen relationships with international energy trading partners and advance its low-carbon energy objectives. The Stanlow refinery is a key component of Essar Energy Transition's strategy to establish a major energy transition hub in northwest England, focusing on low-carbon fuel production and industrial decarbonization.
Prashant Ruia, Chairman of Essar Energy Transition, highlighted the strategic importance of the deal for the Stanlow refinery. Ali Rashed Al Rashdi, CEO of IRH, stated that the partnership will enhance supply security and operational resilience at the UK refining hub. IRH, headquartered in Abu Dhabi, is a mine-to-market platform focused on minerals critical for the energy transition and has been expanding its presence in global energy and commodity markets.
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