Essar and International Resources Holding (IRH) have signed a US$500 million crude sourcing and product supply facility between EET Fuels and IRH Global Trading, strengthening the companies’ strategic partnership and enhancing energy supply capabilities.
The agreement is designed to enable EET Fuels to diversify its crude sourcing and product marketing options, optimise its working capital arrangements, and improve feedstock security amid increasingly volatile global energy markets.
The companies said the transaction marks an important step in EET Fuels’ strategy to build stronger relationships with leading industry participants while reinforcing International Resources Holding’s role in supporting secure and efficient energy flows across international markets.
The US$500 million facility is expected to provide EET Fuels with greater flexibility in procuring crude oil and marketing refined products, while supporting the resilience of its operations as global energy supply chains continue to evolve. At the same time, the agreement further expands IRH Global Trading’s presence in international energy markets through a long-term commercial partnership with the UK-based refiner.
For more information visit www.eetfuels.com
