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Essar Oil UK has become EET Fuels as it delivers on its plan to become the UK's first low-carbon refinery, the firm said on Thursday.
Essar Oil UK owns the Stanlow refinery in the UK and is developing low-carbon energy transition projects.
"For a century, the refinery based at Stanlow, on the River Mersey, has provided the fuel and chemical building blocks that people rely on for their everyday lives. EET Fuels remains committed to sustainably meeting the energy needs of the country.
"Supporting the UK's energy transition ambitions, EET Fuels is changing the way fuels are produced by significantly reducing all emissions related to the company’s production processes," the firm said in a statement.
EET Fuels is investing $ 1.2 billion to support industrial decarbonisation, with the ambition to deliver a 95 per cent cut in carbon emissions associated with its production processes by 2030. That is two million tonnes of carbon emissions per year - 12.5 per cent of all of the North West's carbon emissions.
EET Fuels' decarbonisation strategy will reduce refinery emissions with two state-of-the-art approaches - industrial carbon capture (ICC), which was announced in November 2022 and is scheduled to be operational by 2028 and will result in an annual reduction of 1 million tonnes of CO2; and hydrogen fuel -- switching from natural gas and other refinery fuel sources to hydrogen as a fuel, resulting in an annual reduction of 1 million tonnes of CO2.
EET Fuels CEO Deepak Maheshwari said: "We are delivering on our plan to be the world's first low-carbon process refinery and world's first low-carbon process fuel producer. It is world-leading and we're pleased that it is happening now, in the North West".
EET Fuels is part of Essar Energy Transition (EET), launched in 2023 to drive the creation of the UK's leading energy transition hub in North West England. EET plans to invest a total of $ 3.6 billion in developing a range of low-carbon energy transition projects over the next five years, of which $ 2.4 billion will be invested across its site at Stanlow, between Liverpool and Manchester.
Prashant Ruia, Chair, of EET Fuels and CEO, of Essar Energy Transition, said: "EET Fuels is a key part of EET, which is building Europe's foremost integrated energy transition hub. Leading by example, Essar Energy Transition is a major catalyst for region-wide industrial decarbonisation. We are playing our part to ensure that the UK delivers on its climate change goals, enhances energy security, and maintains a strong, secure manufacturing base for fuels".
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.
In addition to EET Fuels, EET also includes EET Hydrogen, which is developing 1.35 GW of blue hydrogen for the UK market, with follow-on capacity to reach 4 GW; and Stanlow Terminals Ltd, which is developing enabling storage and pipeline infrastructure, including the UK's largest Biofuel Storage hub.
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