Written by John on 21 October 2013.
♦ Breaking BigLaw News ♦ Erbil, Iraq, Middle East
Global law firm Eversheds has announced today the expanse of its Middle East operations with the opening of a second office in Iraq, located in Erbil, Kurdistan Region. The opening of the Erbil office will mark the opening of Eversheds’ seventh office in the Middle East. The firm already has a strong foothold across the region with existing offices located in Amman (Jordan), Abu Dhabi and Dubai (the United Arab Emirates), Baghdad (Iraq), Doha (Qatar), and Riyadh (Saudi Arabia). The decision to open in Erbil follows a real demand from Eversheds clients, as the Kurdistan Region becomes an increasingly important hub for international business. In the first half of 2012 alone, the Kurdistan Region drew in $3.4 billion worth of foreign investment. Since the region’s Investment Law was passed in 2006, the Kurdistan Region has attracted $21 billion in foreign and domestic private sector investment, $12.5 billion of which has gone to Erbil. The new Erbil office will operate in association with highly experienced local lawyers. Nasser Ali Khasawneh, Managing Partner Middle East comments: “Eversheds is the only global law firm to have offices in both Baghdad and Erbil; a real testament to the firm’s investment in the Middle East. As a client centred law firm, we are keen to be able to service the demands of our clients wherever in the world they want to do business. The opening of an office in Kurdistan is a real response to client demand as we continue to set precedents across the globe.” Tawfiq Tabbaa, managing partner of the firms Iraq practice comments: “Our operations in this region have seen exponential growth over the last 12 months with many of our major global multinational clients looking to move into this emerging market. Opening an office in Erbil, will allow us to deliver high quality services on the ground to the large number of major global companies looking to invest in the region.”
Written by John on 29 July 2013.
♦ Recent Deals ♦ Baghdad, Iraq, Middle East
Global law firm Eversheds has advised Citibank on the registration of its representative office in Baghdad, Iraq, making it the first US bank to establish a presence in the country. According to Citi's press release, the representative office in the Iraqi capital will support Citi’s clients in the country, and the New York-based bank will also seek to open two more offices, in Erbil and Basra, in the future. The Eversheds team, led by Partner Tawfiq Tabbaa, advised Citibank on all aspects of project. Tawfiq said: “Iraq is a hub of opportunities for global businesses and is fast becoming an important market in the Middle East.”
Written by John on 02 December 2011.
♦ Recent Deals ♦ Dubai, Iraq
The Iraqi Ministry of Oil (MoO) formally has signed a joint venture agreement with Shell, the South Gas Company (SGC), an affiliate of MoO, and Mitsubishi Corporation (MC) on an initiative to capture flared gas in Iraq. Baker Botts L.L.P. advised Mitsubishi on the joint venture with respect to structuring, concession and other aspects of Iraq’s first midstream gas project. This marks the first time international oil companies will participate in the midstream gas business in Iraq. The Iraq government approved the project on November 15, 2011, followed by the signing of agreements with SGC, Shell and Mitsubishi on November 27, 2011. The agreement created the Basrah Gas Company (BGC) joint venture, comprised of Iraq’s SGC (51 percent), Shell (44 percent) and Mitsubishi (5 percent). The 25-year project, one of the largest Iraq has agreed to with foreign energy firms, is expected to collect more than 700 million cubic feet per day of natural gas currently being flared in Iraq because of a lack of infrastructure to collect it. Officials expect BGC will ultimately handle 2 billion cubic feet per day. By capturing and processing this natural gas, BGC intends to create a reliable supply of domestic energy, reduce unnecessary greenhouse gas emissions and create significant value for Iraq. BGC plans to produce a feasibility study prior to starting operations in 2013. As a partner in BGC, Mitsubishi provides knowledge of the existing South Gas Company facilities and complementary technical and commercial capabilities in order to enhance the project’s value.
Written by John on 10 May 2011.
♦ Recent Deals ♦ Iraq, Libya, Middle East
Clyde & Co has been appointed by Lukoil Mid-East Ltd to support them in their development of the West Qurna-2 field in Iraq. With recoverable reserves of 43 billion barrels West Qurna is the second largest oil field in the world. This is a landmark project for Lukoil, representing as it does a planned production capacity of 1.8 mbd by 2017. This equates to more daily production than Libya currently achieves as an order of magnitude indicator. With planned investment levels of US$4.5bn over the next 3 to 5 years, and a total investment projection of US$30bn, the scale of this project for Lukoil is clear. Commenting on the selection of Clyde & Co, Director of Legal Affairs for Lukoil Mid-East, Nikolay Isaakov said: "We are pleased to have selected Clyde & Co for a place on our panel of outside law firms for work in connection with Lukoil's operation of the West Qurna-2 field in Iraq. Clyde's major presence in the Middle East and their experience in Iraq, together with their oil and gas expertise, made them an obvious choice for us. We look forward to working with the Clyde's team on this important project." With first oil projected for 2013 Lukoil and its IOC partner Statoil have an aggressive time table in place. As one of the world’s largest untapped oil fields, the second phase of West Qurna has known reserves of 12.9 billion barrels, and was awarded to Lukoil by Iraqi Ministry of Oil following a lengthy and keenly contested bidding process. The continuing development of this vital national asset, is indicative of the continued improvement in the national oil industry of Iraq. Commenting on the appointment on behalf of Clyde & Co Duncan Gray, senior legal counsel and George Booth, Partner said: "Being appointed by Lukoil Mid-East Limited to assist them and their partner Statoil in their development & operation of the huge West Qurna-2 Field in Iraq is a significant development in the growth of Clyde & Co's international energy practice. Advising clients investing in the energy and infrastructure sector in Iraq forms a significant part of our projects practice and is well suited to our combination of oil and gas and emerging markets expertise, combined with our long-standing and substantial Middle East presence." The West Qurna-2 field is located in the Basra province west of the Majnoon field, which has been awarded to Shell and Petronas, and north of the Halfaya field which was awarded to CNPC and Total. Lukoil has the operatorship of the field with a 56.25% holding, its IOC partner Statoil has 18.75%, with the state owned North Oil Company holding the remaining 25%. Clyde & Co is a global law firm with four Middle East offices operating as a single unit: Abu Dhabi and Dubai in the UAE; Doha in Qatar; and an associated office in Riyadh in Saudi Arabia. The firm has a major presence in the Middle East, having formalised its on-the-ground presence over 20 years ago in 1989, after many years of client activity in the region. Internationally, with 1400 staff across 24 offices around the globe, Clyde & Co has a focus across six core sectors: Energy, Aviation, Infrastructure, Insurance, Marine and Trade & Finance and is particularly well known for its expertise in relation to international trade, emerging markets and in relation to high profile and/or difficult dispute resolution work. In 2011, Clyde & Co has been named as the Legal Business 2011 Law Firm of the Year. In 2010, Clyde & Co was voted Middle East Law Firm of the Year by legal market intelligence and transaction analysis provider 'PLC Which Lawyer?' in a process that canvassed over 5,500 legal departments. Also in 2010, Clyde & Co was named by Asian-MENA Counsel Magazine/inhousecommunity.com as the overall UAE 'Firm of the Year', nominated the 'most responsive international firm' in the UAE, and selected as 'UAE firm of the year' for seven distinct areas of expertise.