The owner of the Stanlow refinery near Ellesmere Port has announced a $650 million funding boost.

EET Fuels has confirmed it has agreed the large sum in receivable financing and trade credit financing facilities in this quarter.

In a statement, the company said: "This demonstrates market confidence in the company’s decarbonisation strategy. EET Fuels is setting a new global benchmark for industrial decarbonisation, becoming the first low carbon process refinery as it will reduce emissions by 95 per cent by the close of the decade. Industrial carbon capture and use of blue hydrogen are at the heart of the company’s strategy."

The announcement comes in the wake of the refinery announcing it was investigating "fully" two fallout incidents at the refinery last month, which had led to 50 tonnes of dust being released from an "unplanned shutdown of a process unit". The dust was said to be "non-toxic and non-hazardous and does not pose any health or safety risks to people or the environment", and the incidents have been reported to the Environment Agency.

It also follows what the company said was a "minor oil spill" at Stanlow on September 12, which has also been reported to the Environment Agency. Subsequently, Leasowe cockle fishery was closed due to pollution in the mouth of the River Mersey.

EET Fuels announced the funding strategy had come via a new receivable facility with ABN AMRO Bank for $150m, extending and upsizing the HCOB and UMTB facility to $200m for receivable financing, and a trade credit financing for $300m with an international oil company.

The company's continuing operational improvement and delivery of its energy transition strategy, including the creation of a major UK energy transition hub at Stanlow, is central to these new relationships.

The new facilities widen EET Fuels’ strategic and financing partnerships including with major European banks and established trading partners.

This enables EET Fuels to also develop customer offerings, growing relationships and sales volumes. The new financing facilities further strengthen EET Fuels’ balance sheet.

Satish Vasooja, chief financial officer at EET Fuels, said: "This is an excellent outcome for EET Fuels. Knowing our decarbonisation strategy has the backing of major financing partners, we can continue to develop and invest in our business with confidence.”

Tarun Naruka, head of corporate and structured finance at EET Fuels, added: “These new facilities strengthen our balance sheet, adding flexibility to our financing arrangements and demonstrate that major financing partners are aligned to our core strategy, including cost optimisation and continued performance improvement.”