Stanlow (UK), July 6 : Essar Energy Transition is pleased to confirm it has successfully renewed a 300 million US dollar crude facility between Essar Energy Transition Fuels and Petraco Oil Company SA, demonstrating market confidence in the companyâ??s performance, market position and strategic importance.

Essar Energy Transition Fuels, owner and operator of the Stanlow Refinery UK, is delivering strong commercial performance following a landmark investment year, with Essar Energy Transition Fuels also achieving its highest-ever domestic sales and production since acquisition.

It is investing in low-carbon energy solutions and the decarbonisation of its industrial assets. The company has renewed a three-year, US $ 300m strategic crude and product facility.

The transaction represents an important next step as Essar Energy Transition Fuels strengthens strategic relationships with leading industry players, like Petraco Oil Company SA.

Petraco has been a valuable business partner for Essar over the years. The facility enables Essar Energy Transition Fuels to diversify the crude sourcing and marketing options for its products.

It further strengthens feedstock security in an increasingly volatile global energy market, enhancing Essar Energy Transition Fuelâ??s ability to respond to changing market conditions and capture value across its refining and trading activities.

This facility also provides stability and strength to its capital structure.

Satish Vasooja, Chief Financial Officer at Essar Energy Transition Fuels, said: â??Weâ??re delighted to renew our partnership with Petraco. This important transaction demonstrates the strength of this strategic relationship and will ensure that we can build on our strong commercial performance.â??

Alberto Salsiccia, Chief Financial Officer at Petraco Oil Company SA, said: â??Weâ??re pleased to have concluded this trading facility for the next 3 years with Essar, a UK national energy player. This demonstrates Petracoâ??s varied ability to collaborate with business partners and drive mutual benefits.â??

/IANS