Essar successfully finances $150 million portfolio

Stanlow (UK) (Uttam Hindu News): 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 Limited (UMTB). This new facility will be used for working capital and general corporate purposes. The successful completion of this financing highlights the confidence the banking community has in EOUK, based on its financial performance and market position in the UK.

It also enables EOUK to strengthen relationships with customers and increase sales volumes through the ability to offer more financing to its customers. This financing comes at a competitive market rate for a facility of this size and nature, allowing EOUK to optimize its long-term financing strategy. Deepak Maheshwari, Chief Executive Officer, Essar Oil UK, commented, “This is a positive step. EOUK is building the future with the ambition to become the UK’s first low carbon refinery. “Meeting our customers’ needs and securing competitive financing is critical to this objective.”

Satish Vasuja, Chief Financial Officer, Essar Oil UK, commented, “We are delighted to close this important financing and build relationships with UMTB and HCOB Banks. This financing helps us distribute a portion of our capital structure at market standard terms. This is a sign of the banking community’s confidence in EOUK and our long-term financial performance. “While it will also support our strategy of providing better terms to customers and increasing overall sales volumes.”