EET Fuels Appoints New Board Member

Mumbai/Stanlow, 16 October 2024 – EET Fuels (the trading name of Essar Oil (UK), the Company), is pleased to welcome Naresh Nayyar back to the Company’s Board of Directors as Non-Executive Director. The appointment was agreed on 2 October 2024.

Renowned for steering multi-billion-dollar projects and orchestrating turnarounds, Naresh is a seasoned expert in oil and gas market development. Naresh’s career includes pivotal roles as Chief Executive Officer and Managing Director of Essar Oil Limited (then India’s second-largest private oil company) and Chief Executive Officer of Essar Energy Plc UK (then a FTSE 100 energy company).

Leading Essar Oil UK Limited UK as Chief Executive Officer and Executive Chairman, Naresh played a crucial role in a prominent oil refining and marketing company. His previous roles have also included Director (Planning & Business Development) at the Indian Oil Corporation Limited, Chief Executive Officer of ONGC Mittal Energy Ltd UK, and Non-Independent Director roles at notable energy companies globally.

A chartered accountant and an alumnus of the prestigious Indian Institute of Management (Ahmedabad), Naresh’s industry prowess is augmented by specialised education, including the Advanced Financial Management Programme in Oil and Gas from the University of Texas, Dallas, USA.

Prashant Ruia, Chair EET Fuels, said: “I am pleased to welcome Naresh back to EET Fuels at this pivotal time for our business. We are on track to make Stanlow the world’s first decarbonised process refinery with a 95% cut in emissions and I look forward to working with Naresh to deliver on this ambition.”

Naresh Nayyar, Non-Executive Director, EET Fuels said: “It is great to be back at EET Fuels and help steer the Company as we create a leading UK energy transition hub. I’m looking forward to working with the Company as we set a global benchmark for industrial decarbonisation and play our part to ensure that the UK maintains a strong, secure manufacturing base for fuels whilst delivering climate change goals and enhanced energy security.”

About EET Fuels

EET Fuels is committed to playing a key role in the decarbonisation of the UK economy, with ambitious plans to build an energy transition cluster in the North West of England.

EET Fuels is transforming for tomorrow and is committed to becoming the UK’s first low-carbon process refinery at the heart of HyNet, the UK’s leading industrial decarbonisation cluster. It is investing $1.2 billion over the next five years to decarbonise its operations and targeting a 95% cut in emissions by 2030 through

energy efficiency, carbon capture and fuel switching. This will deliver a 12.5% reduction the North West’s

overall industrial carbon emissions.

Industrial carbon capture will deliver an annual emissions reduction of ~1 million tonnes of CO2 and fuel switching from natural gas and refinery off gas to EET Hydrogen low carbon hydrogen as a fuel source will deliver an additional annual emissions reduction of ~1 million tonnes of CO2. This investment ensures the sustainability of this critical national asset, supporting high value employment and UK energy security resilience.

The Stanlow Refinery is one of the UK’s largest and most complex refineries, processing approximately 10 million tonnes of crude oil each year. It supplies a significant portion of the UK’s road transport fuels, including petrol, diesel, and jet fuel. Additionally, Stanlow plays a crucial role in Britain’s petrochemical industry by providing essential feedstocks.

Disclaimer