On Monday, Essar Group announced the establishment of Essar Energy Transition (EET), which will devote $3.6 billion to the creation of a number of low-carbon energy transition projects over the following five years in India and the UK.
EET stated in a statement that it plans to invest a total of $3.6 billion in the development of various low-carbon energy transition projects over the next five years, of which $2.4 billion will be invested at its Stanlow site, located halfway between Liverpool and Manchester, and $1.2 billion in India.
The EET will consist of Essar Oil UK, the firm’s refining and marketing operation in North West England; Vertex Hydrogen, which is building 1 GW of blue hydrogen for the UK market with follow-on capacity planned to reach 3.8 GW; EET Future Energy, which is building 1 GW of green ammonia in India with a target market of the UK and other countries; Stanlow Terminals Ltd., which is building enabling storage and pipeline infrastructure; and EET Biofuels, which
Essar is preparing itself for development and a comeback with the introduction of EET. Essar is now investing in brand-new, long-lasting assets that look to the future and feature cutting-edge, effective, and ESG-compliant technologies. The Essar Group has additional sustainability investments beyond EET planned, such as the establishment of an LNG value chain in India, which will include the manufacture of LNG trucks and LNG fuel stations, the construction of a pellet plant in the eastern Indian state of Odisha, and a 4-million-ton-per-year green steel complex in Ras-Al-Khair, Saudi Arabia.
A cost-effective global supply hub for low carbon fuels, including green hydrogen and green ammonia, will be built in India with the help of EET’s additional $1.2 billion investment, in addition to the $2.4 billion it will invest in the UK. To address the growing demand for green hydrogen on the market, ammonia will be exported from India to the UK, Europe, and other countries.
