Tag: jordan
Written by John on 14 May 2013.
♦ Recent Deals ♦ Dubai, Jordan, Middle East, UAE
Clifford Chance advised The Carlyle Group on their strategic investment in Al-Nabil Food Industries Co. Ltd., a frozen and chilled food products company in Jordan. The transaction closed on May 13, 2013. Equity for this investment will come from Carlyle MENA Partners, L.P., a US$500 million growth capital and buyout fund focused on the Middle East, North Africa and Turkey. This transaction is part of Carlyle MENA’s ongoing strategy to invest in fast-growing consumer-centric industries in partnership with family groups. It is also Carlyle's first investment into Jordan. The Rassam family, which founded Nabil Foods in 1945, will continue to hold a majority stake in the Jordanian company, which has grown over the years to become a premier producer of a broad range of frozen and chilled food products. Through the company’s agreement with Carlyle MENA, Nabil Foods will retain its existing management and workforce, while benefitting from Carlyle MENA’s experience in transforming family-owned businesses into corporations. The Dubai based Clifford Chance team was led by Nigel Wellings, Corporate Partner, and supported by associates Roxana Ghiassee and Abeer Jarrar. The team advised throughout the transaction, including the initial bid phase, advising on pricing mechanics, risk mitigation, due diligence outcomes, structure and the ongoing shareholder relationship. Nigel Wellings comments: "We were delighted to have advised Carlyle on a further transaction in the region, illustrating the strength of our regional Private Equity practice. Carlyle's investment underlines the important role private equity has in bringing capital to family-owned businesses across the region." Ali Sharif Zu’bi Advocates & Legal Consultants advised Carlyle on the Jordanian law aspects of the transaction. K&L Gates and Deloitte advised the Rassam family in this transaction. Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012 (winning for the fifth time in six years).
Written by John on 22 March 2011.
♦ Recent Deals ♦ Jordan, Middle East
Global law firm K&L Gates LLP successfully advised Karak International Oil, a subsidiary of U.K. company Jordan Energy & Mining Limited (JEML), on the signing of a US$1.8 billion oil shale retort concession agreement with the Jordanian Government to develop part of Jordan’s extensive oil shale reserves. Jordan is estimated to have 40 billion tonnes of oil shale deposits, making it the fourth largest oil shale deposit in the world, but currently imports 96% of its energy needs. JEML’s new extraction and processing plant will significantly reduce Jordan’s reliance on imported oil and gas and help to put the country on track for self sufficiency in hydro carbons. Scheduled to begin in 2014, production is expected to reach an average of 15,000 barrels per day of oil equivalent in 2016 and to increase gradually to as much as 60,000 barrels a day over a phased expansion period. The project, which involves developing a 35 square kilometre oil shale deposit in the Al Lajjun desert about 118 kilometres south of Amman, will also recruit some 700 people in direct jobs and an estimated 2,500 indirect jobs in construction and support services. This is the third major concession agreement signed by the Jordanian Government during the past two years, but the first to utilize the Alberta Tacuik Processing surface retorting technology owned by the ThyssenKrupp Group. Chris Morgan, CEO of JEML, said: “Following almost five years of field work in Al Lajjun and extensive feasibility studies, we are very pleased to have signed this concession agreement and look forward to producing new oil from Jordan’s indigenous resources and to provide economic wealth creation for the benefit of Jordan.” K&L Gates London corporate partner Jeremy Landau, who has advised JEML from its beginnings, stated: “We were particularly delighted to have acted for Jordan Energy & Mining on this transaction and now look forward to working with the company on the engineering, construction and further financing of the project going forward.” K&L Gates senior consultant David Race advised on the concession arrangements. “This is a clear vote of confidence by the private sector in the attractiveness and stability of Jordan for investment and of the ability of innovative British companies to raise funds from the capital markets in London, New York and other major centres,” commented Peter Millett, the U.K. Ambassador to Jordan, on the deal.
Written by John on 21 March 2011.
♦ Recent Deals ♦ Jordan, Middle East
Trowers & Hamlins LLP, the international law firm, has advised the Government of Jordan on the structuring and negotiation of a major oil shale concession agreement with Karak International Oil, an affiliate of Jordan Energy Mining Limited. JEML is expected to invest some $1.8 billion in the project which is anticipated to generate 15,000 barrels a day of oil by 2016 and could increase to 30,000 barrels a day. The concession agreement with Karak International Oil follows the oil shale industry framework which Trowers & Hamlins developed over a period of years with the Natural Resources Authority in Jordan. This framework has already seen Trowers & Hamlins advise on two concessions signed to develop this unconventional resource. In May 2009, Trowers & Hamlins announced its role in advising Jordan on a concession agreement granted to Royal Dutch Shell plc, whilst in May 2010 Trowers & Hamlins announced its role in advising Jordan on an oil shale concession agreement granted to Enefit, an affiliate of Eesti Energia. Under the terms of the agreement, Karak International Oil will conduct geological and hydrogeological studies of Jordan’s oil shale resources and test the environmental impact of its oil shale processing technology. Within four years, Karak International Oil will decide whether to continue the project and begin the construction of a commercial processing plant. Karak International Oil may use Jordan’s oil shale resources for up to 40 years, with an optional extension of another 10 years. Trowers & Hamlins provided legal advice to the government of Jordan to develop an effective deal structure which is sustainable throughout the duration of the concession agreement. The advice focused on promoting successful resource development through effective sharing of project revenue and management and mitigation of project risk. Martin Amison, Head of International at Trowers & Hamlins, who led the legal team on the deal, said: “Trowers & Hamlins has a very strong track record in the energy sector and has been involved with advising on Jordan’s oil shale for some years. This concession agreement is a significant success for Jordan as it represents the third such concession which has been signed and puts Jordan squarely at the forefront of the commercialisation of shale oil resources.” “We are delighted to have been able to participate in this transaction and build on the concession structures which were used in the previous agreements. We hope that this project will help Jordan satisfy its energy needs in the future.” Trowers & Hamlins is an international law firm with offices in the United Kingdom and the Middle East (Abu, Dhabi, Bahrain, Cairo, Dubai, Muscat and Riyadh) providing the full range of business law services. In Jordan the firm is associated with local firm Abdul Karim J Al Fauri and Associates. On this transaction the firm advised in conjunction with CRA International. CRA is a global consulting firm specializing in litigation, regulatory, and financial consulting, and management consulting. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Headquartered in Boston, CRA has offices throughout North America, Europe, the Middle East, and Asia. Trowers & Hamlins and CRA have worked together on several other successful assignments advising the government of Jordan. Most recently, the two firms worked on the oil shale concession agreement granted to Enefit in 2010 and on the downstream restructuring in Jordan. CRA International and Trowers & Hamlins continue to advise the government of Jordan on other oil shale concessions.
Written by John on 04 November 2010.
♦ Breaking BigLaw News ♦ Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Riyadh, UAE
Global law firm White & Case LLP has strengthened its Middle East presence through an association with the law office of Dr. Waleed N. Al-Nuwaiser in Riyadh. The new practice – Dr. Waleed N. Al-Nuwaiser in Association with White & Case LLP – marks the continuation of the Firm's long-term commitment to Saudi Arabia that extends more than 50 years. "White & Case was one of the first law firms to focus on the Saudi market, initially through our relationship with Saudi Aramco, which began in the 1950s and continues to this day," said White & Case chairman Hugh Verrier. "We look forward to working with Waleed and his team to continue to advise our clients on Saudi law and reinforce our position as a firm that is second-to-none in Saudi Arabia and the Middle East." Dr. Al-Nuwaiser oversees a legal team of seven lawyers comprising both Saudi Arab and international lawyers, all of whom will continue with the new practice. Their legal expertise encompasses commercial and corporate law, M&A, inward investment, public-private partnerships, WTO, finance and Islamic finance and CMA regulations. In addition, Dr. Al-Nuwaiser advises foreign investors, private companies, the Saudi government and Saudi public institutions. "We are extremely pleased with our new association with White & Case," said Dr. Al-Nuwaiser. "More than any other firm, White & Case's leading presence in Saudi Arabia and the Gulf Region gives us an excellent platform from which to serve our long-standing clients as inbound and outbound investment continues to grow and the Saudi economy diversifies." White & Case's association with Dr. Al-Nuwaiser adds to the Firm's strong presence and reputation in the Middle East, where in addition to Riyadh it has offices in Abu Dhabi and Doha. The Firm provides a broad range of services to clients involved in commercial and financial transactions, from investments and project finance and construction contract law, to acquisitions and Islamic-based financing, among many others. In addition to its extensive work in Saudi Arabia, the Firm advises clients doing business in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Qatar, Oman and the United Arab Emirates. White & Case has been a long-term participant in the Saudi legal market. The Firm's on-the-ground presence in Saudi Arabia dates back to 1989. It has represented Saudi Aramco and its predecessor company, the Arabian American Oil Company, for more than half a century. Recent notable work by the Firm in Saudi Arabia includes:
- Representing Saudi Basic Industries Corporation in connection with its US$2.7 billion joint venture with China Petroleum & Chemical Corporation to build and operate a petrochemical complex in China.
- Advising a consortium of lenders in the financing of a US$2.1 billion gas-fired power plant in Saudi Arabia, sponsored by GDF Suez SA, Aljomaih Holding Co of Saudi Arabia, Sojitz Corporation of Japan and Saudi Electricity Company.
- Advising the lenders of a US$2.5 billion independent power producer (IPP) project in Saudi Arabia, the first IPP in the Middle East fully backed by Chinese engineering, procurement and construction support.
- Representing the Public Investment Fund of Saudi Arabia in connection with its role as sole subscriber to US$2.66 billion of notes issued by Saudi Basic Industries Corporation.