International legal practice Norton Rose Group has advised a group of export credit agencies (ECAs), development banks and commercial lenders to the US$4 billion Surgil gas-to petrochemicals project in the Republic of Uzbekistan.
The bank group was led by Asian Development Bank, China Development Bank, Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (KSURE).
Other banks participating in the transaction include AB Svensk Exportkredit (SEK), Bayerische Landesbank, Credit Suisse AG, ING Bank N.V., KfW IPEX-Bank GmbH, Korea Finance Corporation, Korea Development Bank, National Bank of Uzbekistan, Nordea Bank AB and Siemens Bank GmbH.
Surgil is Uzbekistan’s first oil and gas project financing, the largest downstream project financing in the CIS region and marks the first time that ECAs KEXIM and KSURE, and development banks Asian Development Bank and China Development Bank have financed a project jointly.
Charles Whitney, partner, Norton Rose LLP, commented:
“This is a tremendous project. A first in country project, particularly one of this size, is always challenging but the sponsors and bank group worked constructively together to achieve what is a landmark deal, not only in Uzbekistan and the region, but in the petrochemical project financing sector more generally.
“The project is reflective of appetite from Korea and other east Asian countries generally for investment in the CIS and Eurasia region, and the first of a number of downstream oil and gas projects in development in Uzbekistan currently and has required us to draw on our experience across offices in Europe and Asia.”
A team from Norton Rose Group’s London and Tokyo offices are advising on all aspects of the project, led by partners Charles Whitney and Erol Huseyin and senior associate Emma Clark.
Partners Richard Hill, Dean Naumowicz and George Gibson are also advising on the project, together with senior associates Jim Jordan, Daniela Schluckebier and Chris Down and associates Vivek Katyal, Johanna Hayward, Anna Smirnova, Stephen Clugston, Anthony Scott and Sarah Shakir.
The US$2.54 billion debt project financing was signed on 19 May 2012 and the project financing is expected to reach financial close later this year.
Linklaters LLP provided advice to China Development Bank together with Norton Rose Group. The bank group was also advised by Colibri Law Firm (formerly Grata Law Firm) in
Uzbekistan, Zaid Ibrahim & Co in Malaysia and Kim and Chang in Korea.
Norton Rose has advised on a number of major energy project financings this year including the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO) on the financing of Mongolia’s first renewable energy IPP, developer Contour Global on the Kivuwatt methane to power project, Rwanda’s first IPP, first project financing and largest single private investment and the sponsors of the Sur independent power project (IPP), the largest gas-fired power project in Oman.
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