Abu Dhabi/London, June 16 (IANS) Essar Group and International Resources Holding (IRH) on Tuesday announced the successful execution of a 500 million dollar crude sourcing facility and product supply facility between Essar Energy Transition Fuels and IRH Global Trading.

IRH, headquartered in Abu Dhabi, UAE, is a global mine-to-market platform that strategically invests in minerals critical to the energy transition and technological advancement. IRH Global Trading is a wholly owned subsidiary of IRH and a key global energy trading and liquidity provider.

Essar Group is a global conglomerate with over five decades of entrepreneurial experience in conceptualising, investing, building, and operating world-class assets across the energy, infrastructure, metals & mining, technology & retail sectors. Through Essar Energy Transition Fuels, owner and operator of the Stanlow Refinery in the UK, the Group is investing in low-carbon energy solutions and the decarbonisation of its industrial assets.

The facility enables Essar Energy Transition Fuels to diversify the crude sourcing and marketing options for its products while optimising its working capital arrangement. It also strengthens feedstock security in an increasingly volatile global energy market, enhancing Essar Energy Transition Fuel’s ability to respond to changing market conditions and capture value across its refining and trading activities.

The transaction represents an important step in Essar Energy Transition Fuel’s strategy to forge and strengthen relationships with leading industry players, like IRH Global Trading. The agreement also underscores IRH’s role in enabling secure and efficient energy flows across international markets, while supporting operational optimisation for downstream refining assets.

Prashant Ruia, Chairman of Essar Energy Transition, said: “We are delighted to partner with IRH Global Trading on this strategically important transaction for our Stanlow refinery in the UK.”

Ali Rashed Al Rashdi, CEO of IRH, said: “We are pleased to partner with Essar Energy Transition Fuels to enhance supply security and operational resilience at a critical UK refining hub.”

–IANS

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