en.Wedoany.com Reported - Essar Energy Transition Fuels and Petraco Oil Company SA have renewed a three-year strategic crude oil and product facility agreement worth $300 million. The agreement aims to diversify crude oil procurement and product marketing channels, strengthen feedstock supply security in the volatile global energy market, and enhance its ability to respond to market changes and capture value in refining and trading activities.

Essar Energy Transition Fuels is the owner and operator of the Stanlow Refinery at Ellesmere Port, Liverpool, UK. The company reported its highest domestic sales and production since acquisition, while continuing to invest in low-carbon energy solutions and industrial decarbonization. The company stated that the arrangement provides stability and strength to its capital structure.

The Chief Financial Officer of Essar Energy Transition Fuels said that this renewal demonstrates the strength of the strategic relationship between the two parties and supports the company's ongoing commercial momentum. The Chief Financial Officer of Petraco Oil Company SA stated that the trade facility is a collaborative arrangement that will drive mutual benefits over the next three years. This renewal also reflects market confidence in the company's performance and its position in the UK energy market.