Business News | Essar Energy Transition Renews Three-year USD 300 Mn Crude Facility with Petraco

Stanlow[UK]/Mumbai [India], July 6 (ANI): Essar Energy Transition has renewed its strategic partnership with Petraco.

In a release, the company said it has successfully renewed a USD 300m crude facility between Essar Energy Transition Fuels and Petraco Oil Company SA.

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As per the release, Essar Energy Transition Fuels, which is the owner and operator of the Stanlow Refinery UK, is investing in low-carbon energy solutions and the decarbonisation of its industrial assets.

"The company has renewed a three-year, USD 300 million strategic crude and product facility," the release added.

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It said the transaction further strengthens Essar Energy Transition Fuels' strategic relationship with leading players.

"The transaction represents an important next step as Essar Energy Transition Fuels strengthens strategic relationships with leading industry players, like Petraco Oil Company SA," the release said.

"It further strengthens feedstock security in an increasingly volatile global energy market, enhancing Essar Energy Transition Fuel's ability to respond to changing market conditions and capture value across its refining and trading activities. This facility also provides stability and strength to its capital structure," it added.

Satish Vasooja, Chief Financial Officer at Essar Energy Transition Fuels, said they are delighted to renew the partnership with Petraco.

"This important transaction demonstrates the strength of this strategic relationship and will ensure that we can build on our strong commercial performance."

Alberto Salsiccia, Chief Financial Officer at Petraco Oil Company SA, added, "We're pleased to have concluded this trading facility for the next three years with Essar, a UK national energy player. This demonstrates Petraco's varied ability to collaborate with partners and drive mutual benefits," Salsiccia said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)