Ashurst advises on the financing and sale of the Fujairah Oil Terminal project
- Saudi Arabia: Wednesday, February 20 - 2013 at 14:42
- PRESS RELEASE
Ashurst has advised Concord Energy Pte Ltd and its affiliates on the sale of a 50% interest in Fujairah Oil Terminal FZC ("FOT") to Sinomart KTS Development Limited, which completed on 3 January 2013 and FOT on the $251,860,000 limited recourse financing of the project, provided by a syndicate of six international banks. The financing closed on 13 February 2012.
The Ashurst team was led by Singapore energy partner, Philip Thomson and comprised lawyers from the firm's Singapore, Dubai, Hong Kong and New York offices. The deal team included partners Matt Stott, Judith Kim, Dominic Gregory and David Nirenberg, counsel Ed Bennett and associates Alice Straub, Serena Lennon, Aaron Lee, Joanne Chan and Bhavesh Madia.
Philip Thomson commented: "We are delighted to have advised on this major multi-jurisdictional project. The deal reflects increasing outbound investment from Asia as well as the growing importance of Fujairah as an oil storage and bunkering centre."
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