Norton Rose lands billion-dollar oil role
Norton Rose has advised 19 commercial and Islamic banks on the $1.4bn (£683m) financing of a $2.1bn (£1bn) petrochemicals project run by Kuwait Paraxylene Production Company (KPPC).
July 25, 2007 at 10:23 PM
2 minute read
Norton Rose has advised 19 commercial and Islamic banks on the $1.4bn (£683m) financing of a $2.1bn (£1bn) petrochemicals project run by Kuwait Paraxylene Production Company (KPPC).
The law firm fielded teams from the Middle East and London to advise on the Islamic and conventional debt portion of the deal respectively. The teams were headed up by the firm's head of Middle East banking and projects, Dominic Harvey.
Harvey, assisted by a team including London-based senior associate Charles Whitney and Dubai-based associate Mark Morris, advised Kuwait Finance House (KFH) as Islamic lead arranger and documentation bank.
London banking partner Jeffery Barratt and energy projects partner Erol Huseyin advised Sumitomo Mitsui Banking Corporation Europe as the commercial documentation bank.
Linklaters London projects partner Fiona Hobbs advised KPPC, which was set up by Petrochemical Industries Company for the project.
The deal marks the first sizeable instruction Norton Rose has received from KFH in Kuwait, with the firm having won other mandates in Bahrain.
Harvey said the role was significant as it is the fourth petrochemicals deal north of the $1bn (£487m) mark that the firm's Middle East practice has closed in the last 12 months.
The deal, which includes the development of a Greenfield project for the production of paraxylene and benzene, will be integrated into the $2.5bn (£1.28bn) Greater EQUATE project.
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