Linklaters and A&O win roles on $14bn Saudi oil financing deal
Linklaters and Allen & Overy (A&O) have taken lead roles on the $14bn (£9.3bn) financing of Saudi Aramco Total Refinery and Petrochemical Company's (SATORP) Jubail refinery in Saudi Arabia. A&O advised SATORP - which is 62.5% owned by Saudi Aramco and 37.5% owned by French oil giant Total - fielding a team led by finance partner Bimal Desai alongside construction partner Nigel Pritchard, while Zeyad Khoshaim of Saudi association firm Abdul Aziz Al Gassim provided advice on Saudi law.
June 30, 2010 at 11:21 AM
2 minute read
Linklaters and Allen & Overy (A&O) have taken lead roles on the $14bn (£9.3bn) financing of Saudi Aramco Total Refinery and Petrochemical Company's (SATORP) Jubail refinery in Saudi Arabia.
A&O advised SATORP – which is 62.5% owned by Saudi Aramco and 37.5% owned by French oil giant Total – fielding a team led by finance partner Bimal Desai alongside construction partner Nigel Pritchard, while Zeyad Khoshaim of Saudi association firm Abdul Aziz Al Gassim provided advice on Saudi law.
Meanwhile, Linklaters advised the finance parties, which included seven export credit agencies (ECAs), 31 commercial banks, the Islamic finance providers and the public investment fund.
The magic circle firm's team was led by projects partner Manzer Ijaz alongside managing associates Tessa Davis, Robert Harker and James McLaren. Projects partner Sarosh Mewawalla advised the Islamic financiers.
Ijaz said: "Given its size and complexity, the project is a landmark project finance deal in any market, not just Saudi Arabia.
"A deal of this size required Linklaters to field teams to be able to properly advise each of our ECA and bank clients on the financing arrangements that were required to support this project."
The Law Office of Abdulaziz H Fahad also took a role on the deal, advising on Saudi law.
Once completed, the Jubail refinery is set to be one of the most advanced refineries in the world and aims to maximise SATORP's production of diesel and jet fuel.
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