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Essar Oil UK agrees $850 million in financing for Stanlow

Reuters
·1-min read

LONDON (Reuters) - Essar Oil UK has obtained more than $850 million in financing to replace a former credit facility and access additional capital, it said on Friday.

The funding includes bilateral arrangements with many of the refiner's key customers on enhanced payment terms and other long-term financing, linked primarily to crude supply, the company said.

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The company which operates the 200,000 barrel per day Stanlow oil refinery, said the new financing will allow it to focus on its transition to become a "Low Carbon Energy Provider" of the future.

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It is already working on delivering two blue hydrogen production hubs at Stanlow, which will attract 750 million pounds ($1.06 billion) in investments, it said.

($1 = 0.7044 pounds)

Watch: Top tips for helping the environment on a tight budget

(Reporting by Ahmad Ghaddar; Editing by David Goodman and David Evans)