Abu Dhabi [UAE]/ London [UK], June 16 (ANI): Essar Group and International Resources Holding (IRH) have announced the successful execution of a USD 500 million crude sourcing facility and product supply facility between Essar Energy Transition Fuels and IRH Global Trading.
The facility enables Essar Energy Transition Fuels to diversify the crude sourcing and marketing options for its products while optimising its working capital arrangement, a release said, adding that it also 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.
IRH, headquartered in Abu Dhabi, UAE, is a global mine-to-market platform that strategically invests in minerals critical to the energy transition and technological advancement. IRH Global Trading is a wholly owned subsidiary of IRH, and a key global energy trading and liquidity provider.
Essar Group is a global conglomerate with over five decades of entrepreneurial experience in conceptualising, investing, building, and operating world-class assets across the energy, infrastructure, metals and mining, technology and retail sectors. Through Essar Energy Transition Fuels, owner and operator of the Stanlow Refinery UK, the Group is investing in low-carbon energy solutions and the decarbonisation of its industrial assets, a joint release said.
The transaction represents an important step in Essar Energy Transition Fuel’s strategy to forge and strengthen relationships with leading industry players, like IRH Global Trading. The agreement also underscores IRH’s role in enabling secure and efficient energy flows across international markets, while supporting operational optimisation for downstream refining assets, the release said.
“We are delighted to partner with IRH Global Trading on this strategically important transaction for our Stanlow refinery in the UK,” Prashant Ruia, Chairman of Essar Energy Transition, said.
Ali Rashed Al Rashdi, CEO of IRH, said they are pleased to partner with Essar Energy Transition Fuels to enhance supply security and operational resilience at a critical UK refining hub. (ANI)
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