Essar Energy Transition Fuel, which operates a refinery in the UK, has signed a $500 million crude sourcing and product supply deal with Abu Dhabi-based International Resources Holding, Essar said in a statement on Tuesday.
The deal will help Essar Energy Transition Fuel to strengthen feedstock security for its UK-based 200,000-barrels-per-day Stanlow refinery in an increasingly volatile global energy market, Essar said in a statement.
Essar Energy Transition is controlled by India's Essar Group.
The deal also marks a deeper strategic relationship between Essar Group and Abu Dhabi-based International Resources Holding (IRH), whose trading arm, IRH Global Trading, is a major energy trading and liquidity provider.
"We are delighted to partner with IRH Global Trading on this strategically important transaction for our Stanlow refinery in the UK," said Prashant Ruia, Chairman of Essar Energy Transition.
Ali Rashed Al Rashdi, Chief Executive Officer of IRH, said the partnership would strengthen supply security at a key refining asset.
"We are pleased to partner with Essar Energy Transition Fuels to enhance supply security and operational resilience at a critical UK refining hub," he said.
