EET Fuels, owner of the Stanlow refinery at Ellesmere Port, said it agreed $650 million in receivable financing and trade credit financing in the latest quarter.

The company runs the first low carbon process refinery, aiming to reduce emissions by 95% by the end of the decade, through the use of of carbon capture and hydrogen.

The financing deals in the quarter include a new receivable facility with ABN AMRO Bank for $150m, extending and upsizing HCOB and UMTB facility to $200m for receivable financing, and a trade credit financing for $300m with an international oil company.

Satish Vasooja, Chief Financial Officer at EET Fuels, said: “This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.”

Tarun Naruka, Head of Corporate and Structured Finance at EET Fuels, said: “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.”