Essar Oil UK to invest $3.6 billion in greening operations
Essar Oil UK will invest $3.6 billion into a range of energy-efficiency and carbon-capture initiatives over the next four to five years. This will enable the company to decarbonise its production processes by 2030, its chief executive said.
«Our focus is to decarbonise all the production processes,” Deepak Maheshwari said.
Of the $3.6 billion, $2.4 billion will be invested at its site in Stanlow, between Liverpool and Manchester in the UK, and $1.2 billion in India.
The investment, he said, will come from the company's own cash flows, a mix of debt and equity, and the UK government's subsidy for low-carbon initiatives which is termed as ‘contracts for difference’.
Essar had in February announced the launch of Essar Energy Transition, an initiative to create an energy transition hub in Northwest England.
»We see ourselves in a very unique position...by the time all government approvals are received, we would have implemented at least two of our hydrogen projects.
