BLP and DLA Piper advise on landmark Iraq oil and gas deal
Berwin Leighton Paisner (BLP) and DLA Piper are advising Basra International Oil and Gas Hub (BIOGH) on the development of a specialised oil and gas 'free zone' in Iraq.
November 08, 2012 at 07:03 PM
2 minute read
Firms advise Basra oil company in creation of energy 'free zone'
Berwin Leighton Paisner (BLP) and DLA Piper are advising Basra International Oil and Gas Hub (BIOGH) on the development of a specialised oil and gas 'free zone' in Iraq.
The project is a joint venture between BIOGH and the Iraqi Free Zone Authority, a unit of the Ministry of Finance, and will see 11 million sq m of land at the port of Khor Al-Zubair in Basra developed as a site for manufacturing, storing and servicing for Iraq's growing oil and gas sector.
The deal is the first of its kind in Iraq and will be the second largest oil and gas free zone in the world, creating around 15,000 jobs – 60% of which will be for local Iraqis.
The transaction is being led by BLP real estate partner Chris de Pury and projects and infrastructure partner Mark Richards from the firm's London office. The pair are providing BIOGH with advice on shareholders' arrangements, structuring, financing and implementation.
DLA has provided local law advice to BIOGH through a team led by the firm's Iraqi desk head Salem Chalabi. The Iraqi Free Zone Authority had in-house legal advice.
Richards commented: "The sheer scale of the site is staggering. To put the 11 million sq m into context, it is about 1,500 football pitches. It is a massive development site."
Chalabi said of the deal: "Not only will it create inward investment opportunities, it will bring jobs to Iraqis and stimulate demand for oil services businesses."
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