The announcement comes as Essar sets out a £4.3bn pipeline of UK low-carbon energy projects to 2035. In 2024, EET said Stanlow could be the "world's first decarbonised oil refinery". Tarun Naruka, head of corporate and structured finance at EET Fuels, said the agreement would strengthen the firm’s “financial resilience” and diversify its funding sources. Andrew Barraclough, NatWest’s head of asset-based lending origination, added that the bank’s involvement reflected both “the strength of Essar Energy Transition’s business and the scale of its ambitions”. He said the financing would give the company more flexibility as it invests in projects aimed at industrial decarbonisation, energy security and economic growth.