EurOil: Essar unveils energy transition investment plans

India’s Essar Group has created a new division to focus on the energy transition, with projects in the UK set to play a leading role.

The programme will entail a $2.4bn investment in the UK and a $1.2bn investment in India. The UK investment will be spent on the Stanlow oil refinery, reducing industrial emissions in north-west England by about a fifth. The new investment plans will be undertaken by Essar Energy Transition (EET).

“The launch of EET is a major milestone in Essar’s long-standing commitment to put the UK at the forefront of low-carbon energy,” said Essar Capital director Prashant Ruia. “We are excited about the opportunity to drive the UK’s energy transition by producing low-carbon future fuels, which will help eliminate around 20% of the industrial carbon dioxide in North-west England. In doing so, it will provide a blueprint for how traditional industries globally can be successfully transformed into hubs for the production of future energies.”

Through the investments, the Stanlow plant will become one of the most sustainable refineries in Europe, according to Essar. Other than using domestic supplies, the company will also import green ammonia to the UK from India and other international markets.

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