Herbies wins £350m NW gas storage role
Herbert Smith has taken the lead role on Gaz de France's £350m agreement to develop a major gas storage facility in northwest England.
September 12, 2007 at 09:50 PM
2 minute read
Herbert Smith has taken the lead role on Gaz de France's £350m agreement to develop a major gas storage facility in northwest England.
The deal sees Gaz de France, advised by Herbert Smith energy and projects partner Mark Newbery, join up with chemical giant INEOS Enterprises for the commercial development of a major salt cavern gas storage facility. The Herbert Smith team worked alongside Gaz de France in-house lawyer Florence Perrot.
Linklaters energy and infrastructure partner Matt Keats was instructed by INEOS to advise on the commercial agreement. Eversheds, meanwhile, took a role advising INEOS on real estate aspects, under Manchester-based property partner Phillip Tunney.
The project, which is located on INEOS' existing brinefields at Holford, Cheshire, is one of the largest gas storage facilities under construction in the UK.
Under the terms of the agreement, Gaz de France will develop and operate the storage facilities under a 30-year lease running until 2037. INEOS will provide the mining services for the creation of the caverns.
Herbert Smith has previously advised on a number of gas storage projects, including energy giant E.ON's £96m acquisition of the Byley gas storage project in Cheshire from Scottish Power.
The deal comes as Gaz de France last week received approval for its E70bn (£47bn) merger with Suez. The tie-up, expected to be completed in the first half of 2008, saw French independent Darrois Villey Maillot Brochier advise Gaz de France. Bredin Prat is advising Suez alongside Linklaters, while Gide Loyrette Nouel is advising the French Government.
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