Essar Successfully Completes Financing $150 Million Receivables Portfolio
10.06.2023 By Tank Terminals - NEWS

October 6, 2023 [ZEE Business]- Essar Oil UK (EOUK) has confirmed that it has successfully completed the financing of a $150 million receivables portfolio with Hamburg Commercial Bank AG (“HCOB”) and Mizrahi Tefahot Bank Ltd (‘UMTB’). This new facility will be used for working capital and general corporate purposes.


The successful closure of this financing highlights the banking community’s confidence in EOUK, building on its financial performance and market position in the UK.

It also enables EOUK to strengthen major customer relationships and increase sales volumes through the ability to offer its customers greater financing flexibility.

This financing comes at a competitive market rate for a facility of this size and nature, thereby enabling EOUK to optimise its longer term financing strategy.

Deepak Maheswari, Chief Executive Officer at Essar Oil UK commented, “This is a positive step forward. EOUK is building for the future, with ambitions to become the UK’s first low carbon refinery. Serving our customers’ needs and securing competitive financing is critical to this overall objective.”

Satish Vasooja, Chief Financial Officer at Essar Oil UK, commented, “We are pleased to complete this important financing and build any relationship with UMTB and HCOB Banks. This financing helps us deliver a part of our capital structure on market standard terms. It is a sign of the confidence the banking community has in EOUK and our long-term financial performance, while it will also support our strategy to provide better terms to customers and to increase overall sales volume.”



Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

ConocoPhillips Working to Resume APLNG Terminal Ops
12.05.2023 - NEWS
December 5, 2023 [LNG Prime]- A unit of ConocoPhillips is working to resume production at the Aus... Read More
Peru LNG Terminal Sent Four Cargoes in November
12.05.2023 - NEWS
December 5, 2023 [LNG Prime]- Peru LNG’s liquefaction plant at Pampa Melchorita has shipped fou... Read More
India’s Top Clean Energy Firm to Invest $22 Billion to Boost Capacity Fivefold
12.05.2023 - NEWS
December 5, 2023 [Oil Price]- Adani Green Energy, the biggest renewable power producer in India, ... Read More
Oil Prices Little Changed Amid OPEC+ Cut Doubts, Mid-East Tension
12.05.2023 - NEWS
December 5, 2023 [Reuters]- Oil prices were little changed on Tuesday amid uncertainty over volun... Read More