Essar invests in energy transition plan in the UK and India
EET plans to invest a total of $3.6 billion (€3.4 billion) in developing a range of low carbon energy transition projects over the next five years across its site at Stanlow.
This will include investing in developing 1 MT of low carbon biofuels.
EET’s investment programme will play a major role in accelerating the UK’s low carbon transformation, supporting the government’s decarbonisation policy and creating highly skilled employment opportunities at the heart of the Northern Powerhouse economy.
The Stanlow refinery itself will also achieve a 75% reduction in carbon emissions before the end of this decade as part of EET’s decarbonisation plans, making this strategically critical fuel supplier to the UK one of the most sustainable refineries in Europe.
Prashant Ruia, Director, Essar Capital, said: “The launch of EET is a major milestone in Essar’s long-standing commitment to put the UK at the forefront of low carbon energy. We are excited about the opportunity to drive the UK’s energy transition by producing low carbon future fuels which will help eliminate around 20% of the industrial carbon dioxide in Northwest England. In doing so, it will provide a blueprint for how traditional industries globally can be successfully transformed into hubs for the production of future energies.”
Tony Fountain, managing partner of Essar Energy Transition, said: “EET’s ambitious investment plans will not only help deliver the UK’s net-zero ambitions and the enormous environmental benefits therein, but will also secure the long term sustainable future for Stanlow, protecting and creating new highly skilled job opportunities at the heart of the Northern Powerhouse economy for generations to come.”