Essar Oil UK agrees $850 million in financing for Stanlow

·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. 

  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) 

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

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