Prashant will lead the development and implementation of EET Fuels’ digital transformation strategy, with the goal of modernising the company’s technology infrastructure and enhancing data-driven decision-making.  He brings over 25 years of global experience across the UK, USA, India, and the Middle East, having held senior roles such as CIO, CTO, and Chief Data and Automation Officer at leading companies in the energy, oil and gas, and manufacturing sectors.

His expertise includes digital transformation, technology modernisation, and data-driven decision-making.  Key achievements in Prashant’s career include pioneering AI-powered operational systems, developing ERP strategies, and enhancing infrastructure.

Deepak Maheshwari, CEO, EET Fuels, said: “Prashant’s appointment demonstrates our commitment to leveraging cutting-edge technology to drive our business forward. His extensive experience and innovative approach will be invaluable as we continue to advance our digital transformation initiatives.”

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Bengaluru, 15 January 2025 – EET Fuels (the trading name of Essar Oil (UK) Ltd) is pleased to confirm it has successfully attracted new financing facilities demonstrating market confidence in the company’s decarbonisation strategy, market position and strategic importance.

With plans to become the leading low carbon process refinery, through the delivery of a 95% reduction in carbon emissions, and to develop Stanlow into an energy transition hub, including industrial carbon capture, low carbon hydrogen production and Europe’s first hydrogen-fuelled combined heat and power plant, EET Fuels is setting a global benchmark for industrial decarbonisation.

The company has agreed US$350m in re-financing through a combination of a new bank financing and upsizing of existing trade credit financing facilities in this quarter.  This follows the announcement in October 2024 of US$650m in financing facilities including a new receivable facility with ABN AMRO Bank and the extension of the pre-existing HCOB and UMTB facility.

The new facilities secured are:

• US$150m facility with African Export-Import Bank (Afreximbank), the Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade; and
• Upsizing of the previously reported US$300m trade credit financing facility with an international oil company, to US$500m.

The new facilities ensure EET Fuels’ is well-placed to deliver on its decarbonisation ambitions by strengthening its balance sheet with stable medium term financing, deepening existing relationships with key trading partners while also establishing relationships in new African markets.

Satish Vasooja, Chief Financial Officer at EET Fuels, said:

“We’re leading the energy transition, and our ambition is to become the world’s first low carbon refinery.  This new facility with Afreximbank, further diversifying our sources of finance and establishing new relationships, supports our ongoing transformation and showcases market confidence in our energy transition strategy.”

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Bengaluru, 16 October 2024 –EET Fuels (the trading name of Essar Oil (UK), the Company), is pleased to welcome Naresh Nayyar back to the Company’s Board of Directors as Non-Executive Director. The appointment was agreed on 2 October 2024.

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Bengaluru, September 03, 2024 : EET Fuels (the “Company”, trading name of Essar Oil (UK) Ltd), which plans to create the world’s leading low carbon process refinery, has progressed to the front-end engineering design (FEED) stage of its industrial carbon capture (ICC) project.

The Company has appointed Toyo Engineering India Pvt. Ltd. (Toyo-India) (100% subsidiary of Toyo Engineering Corporation, Japan) a leading Engineering, Procurement and Construction company, to carry out the FEED phase – an integral part of the project management process. Toyo-India will oversee design completion, project de-risking, detailed costing analysis and other vital work. Completion of FEED will enable the Company to take final investment decision (FID) on the ICC project.

Upon completion (expected in 2028), the ICC project will capture carbon dioxide emitted from Stanlow refinery’s full-residue fluid catalytic cracking (FCC) unit – one of Europe’s largest units. Leveraging Stanlow’s unique location, the captured carbon dioxide will use a repurposed existing gas transportation network and be permanently sequestered into depleted gas fields in Liverpool Bay, as part of the HyNet industrial decarbonisation cluster in the North West of England.

The ICC project is expected to capture ~ 1 million tons of CO₂ per year, removing around 45% of all Stanlow emissions.  The project has applied for the right to negotiate with the UK Government for a revenue support mechanism as part of the Department of Energy Security and Net Zero’s Track One expansion programme in the carbon capture, usage and storage (CCUS) cluster sequencing process. Confirmation of the date for final investment decision will be part of this process.

This announcement follows the appointment of Wood to conduct the FEED for EET Fuels’ hydrogen fuel switching project.  The progression of both these projects demonstrates the Company’s momentum towards achieving its target of reducing CO2 emissions at the Stanlow Refinery by 95% by 2030 while creating the UK’s leading energy transition hub.

Deepak Maheshwari, CEO, EET Fuels, said:

“Our ambitious carbon capture and storage plans are a key component of Stanlow, securing the future of the refinery for generations to come and vastly reducing industrial carbon emissions in the North West.  This announcement represents a significant milestone as we work to become the world’s first low carbon process refinery, and we look forward to working with Toyo-India to keep momentum towards achieving FID for this project.”

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Adrian will lead the development and implementation of EET Fuels’ energy transition strategy, with the goal of delivering the world’s leading low carbon process refinery. He brings extensive experience as a seasoned Chair, Managing Director, and Board member across Europe, the Middle East and Africa (EMEA), with a proven track record of establishing and growing disruptive businesses, large-scale manufacturing, and major capital projects.

His recent roles include Strategic Advisor and Managing Director at Encirc, Non-Executive Director at Glass Futures, member of the North West Business Leaders Team, and a Board member at British Glass and the Gallo Glass Company.  He has also been a member of the San Telmo Business School International Advisory Board, and a Commissioner of Sustainable & Inclusive Growth at Cheshire and Warrington Local Enterprise Partnership

Adrian holds certifications in Business Administration and Management (ALP) from Timoney Leadership School (2014) and Advanced Management Programme (AMP) from IESE Business School, and studied Electrical and Electronic Engineering at the University of Ulster, Jordanstown.

Deepak Maheshwari, CEO, EET Fuels, said “Adrian’s appointment demonstrates our commitment to all but eliminating our carbon dioxide emissions. His expertise and established regional leadership will help to ensure that we continue to make a positive contribution to the regional and national economy.”

 Tony Fountain, Managing Director, Essar Energy Transition, said: “Adrian’s appointment is a significant step in our transition to a low carbon future. We are committed to establishing a leading low carbon energy transition hub and, alongside the agreement to purchase Thornton Science Park, this appointment demonstrates our plan to playing our part to ensure that the UK delivers on its climate change goals, enhances energy security, and maintains a strong, secure manufacturing base for fuels.”

Adrian Curry, Chief Decarbonisation Officer, EET Fuels said: “I am thrilled to join EET Fuels and contribute to the company’s sustainable future. The Company’s commitment to decarbonisation is incredible. It fully aligns with my passion for driving growth and innovation while reducing carbon emissions. I look forward to working with the team to achieve our goals.”

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• EET Fuels continues its strong decarbonisation momentum, progressing to the front-end engineering design (FEED) stage for its Hydrogen Fuel Switching project.
• Wood has been appointed to carry out the project’s FEED package.
• Completion of FEED will enable EET Fuels to take final investment decision (FID) on the project – expected in 2025.

Bengaluru, 27 August 2024: EET Fuels (or “the Company”, the trading name of Essar Oil UK), which plans to create the world’s leading low carbon process refinery, has progressed to the front-end engineering design (FEED) stage of its Hydrogen Fuel Switching project. Hydrogen will be provided by EET Hydrogen, the Company’s co-located Track One low carbon hydrogen production company.

To conduct this phase of the project, EET Fuels has appointed Wood, a global leader in consulting and engineering, to coordinate final designs of the fuel system that will feed into the company’s hydrogen-ready crude distiller furnace.  Wood will also re-design the core infrastructure and control systems to enable the efficient and safe combustion of hydrogen.

Completion of FEED will enable EET Fuels to take final investment decision (FID) on the hydrogen fuel switching project next year.

The project will enable fuel switching to assets like EET Fuels’ hydrogen-ready crude distiller furnace.  This is the first of its kind installed in any UK refinery and is capable of running on 100% hydrogen or a fuel-gas mix.  Once the furnace is running on hydrogen from EET Hydrogen’s production plant, it will reduce emissions at the Stanlow Refinery by 0.2 million tonnes per year.

Once hydrogen is available from EET Hydrogen, this will enable the fuel switching of all fired-heaters on site.

The progression of this project demonstrates the company’s strong momentum towards achieving its target of reducing CO₂ emissions at the Stanlow Refinery by 95% by 2030.

Deepak Maheshwari, CEO, EET Fuels, said:

“We have groundbreaking plans for EET Fuels in the UK with the Stanlow Refinery at its heart. Hydrogen Fuel Switching is an integral part of these plans, and conducting the FEED alongside a great partner in Wood will allow us to confidently move forward to final investment decision.  We remain on track to become the world’s first low carbon process refinery, providing security of fuel supply to the UK, as well as building and maintaining employment in the UK’s industrial heartlands.”

 Martin Simmonite, Senior Vice President for UK Operations at Wood, added:

“We are delighted to be working on this decarbonisation project with EET Fuels, providing critical infrastructure that is fundamental to the energy transition and UK energy security.”  

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