Essar Oil has successfully completed the financing of a $150 million (€142.7 million) receivables portfolio with Hamburg Commercial Bank and Mizrahi-Tefahot Bank. This new facility highlights the banking community’s confidence in the company and enables it to optimise a longer term financing strategy.
Essar’s CEO, Deepak Maheshwari, says: ‘This is a positive step forward. We are building for the future, with ambitions to become the UK’s first low carbon refinery. Serving our customers’ needs and securing competitive financing are critical to this overall objective.’
Essar CFO, Satish Vasooja, adds: ‘We are pleased to complete this important financing and build a new 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.’
