Herbert Smith Freehills has advised Sinopec, one of China’s largest energy and petrochemical companies, on the completion of its acquisition of a 49% stake in Canadian company Talisman Energy Inc’s UK North Sea business for $1.5 billion. The deal was signed on 23 July 2012 and closed on 17 December 2012.
As a result of this transaction Sinopec now holds 49% of the shares in Talisman Sinopec Energy UK Limited (formerly Talisman Energy (UK) Limited). The joint venture company is the largest operator in the UK North Sea and owns 46 North Sea fields, operates 11 offshore platforms and owns and operates the Flotta Terminal in Scotland. This transaction represents Sinopec’s first investment in the North Sea and the first major acquisition by a Chinese company in the UK North Sea.
The Herbert Smith Freehills team assisting Sinopec was led by corporate energy partner David Clinch, and senior associates Monica Sun, Alastair Young and Patrick Fitzgerald. David Clinch commented:
“We are delighted to have assisted Sinopec on this major transaction and that it closed before year end. It demonstrates the continued appetite for UK North Sea investment and represents another milestone for Chinese investment in the global oil and gas industry.”
The Herbert Smith Freehills team included energy lawyers in our tax, finance, competition, real estate, employment and environment teams.
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