Mumbai, July 7 -- Essar Energy Transition has renewed its strategic crude facility agreement with Petraco Oil Company SA, reaffirming market confidence in the company's performance and positioning in the UK energy sector, according to a statement issued by Essar Group in Mumbai.
Under the renewed three-year agreement, Petraco will provide a US$300 million crude and product facility to Essar Energy Transition Fuels, the owner and operator of the Stanlow Refinery in the UK.
According to the company, the facility will strengthen feedstock security amid a volatile global energy market while diversifying crude sourcing and product marketing options. It will also support Essar's refining and trading activities and further strengthen its capital...