Essar Oil UK’s new funding facilities

Essar Oil UK has entered into a new long-term working capital facilities for its Stanlow Refinery in Ellesmere Port, UK. A five-year inventory monetisation arrangement with J Aron and Company, which replaces a similar agreement with Barclays Bank, in relation to 5.8 million barrels of crude oil and petroleum products at Stanlow. Also, a previous invoice discounting receivables financing arrangement has been replaced with a new three-year £300 million (roughly $475 million) arrangement with Lloyds Bank Plc. Stanlow produces approximately 15 per cent of UK’s transport fuels, including three billion litres of petrol, 3.5 billion litres of diesel and two billion litres of jet fuel a year.