Essar Oil UK rebrands to EET Fuels

January 25, 2024

• Essar Oil UK becomes EET Fuels as the company progresses its decarbonisation journey.
• EET Fuels is a key part of Essar Energy Transition, which was established in 2023 to invest a total of US$3.6 billion in developing a range of low carbon energy transition projects over the next five years, of which US$1.2 billion will be invested in EET Fuels' decarbonisation projects.
• EET Fuels is delivering on its plan to become the UK's first low carbon process refinery. Setting the global benchmark for lower emitting refineries and industrial decarbonisation.
• Aligned to the UK Government's net zero ambitions, EET Fuels is delivering a 95% cut in emissions by 2030.

Stanlow, 25 January 2024: Essar Oil UK has become EET Fuels (or "the Company"), as it delivers on its plan to become the UK's first low carbon refinery, setting the global benchmark for lower emitting refineries and industrial decarbonisation.

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.

EET Fuels is investing US$1.2 billion to support industrial decarbonisation, with the ambition to deliver a 95% cut in carbon emissions associated with its production processes by 2030. That is two million tonnes of carbon emissions per year - 12.5% of all of the North West's carbon emissions, thereby making a substantial contribution to the UK's plans to decarbonise industry.

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. The project will result in an annual reduction of ~1 million tonnes of CO₂.
• 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.

Deepak Maheshwari, CEO, EET Fuels, said:

"This is an exciting time for our business. 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"), which was 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 US$3.6 billion in developing a range of low carbon energy transition projects over the next five years, of which US$2.4 billion will be invested across its site at Stanlow, between Liverpool and Manchester

Prashant Ruia, Chair, EET Fuels and CEO, Essar Energy Transition, said:

"EET Fuels is 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;
• Stanlow Terminals Ltd, which is developing enabling storage and pipeline infrastructure, including the UK's largest Biofuel Storage hub.

ENDS

Media contacts

Peter Ogden, Powerscourt:

[email protected] / 07793 858211

Michelle Lewis, Corporate Affairs Director, Essar:

[email protected] / 07805 854169

NOTES TO EDITORS

About EET Fuels

EET Fuels is committed to playing a key role in the decarbonisation of the UK economy, with ambitious plans to build an energy transition cluster in the North West of England.

EET Fuels is transforming for tomorrow and is committed to becoming the UK's first low-carbon process refinery at the heart of HyNet, the UK's leading industrial decarbonisation cluster. It is investing US$1.2 billion over the next five years to decarbonise its operations and targeting a 95% cut in emissions by 2030 through energy efficiency, carbon capture and fuel switching. This will deliver 12.5% reduction the North West's overall regional carbon emissions.

Industrial carbon capture will deliver an annual emissions reduction of ~1 million tonnes of CO₂ and fuel switching from natural gas to EET Hydrogen low carbon hydrogen as a fuel source will deliver an additional annual emissions reduction of ~1 million tonnes of CO₂.

This investment ensures the sustainability of this critical national asset, supporting high value employment and UK energy security resilience.

www.eetfuels.com