25 October 2018 - Events
Japan Bank for International Cooperation, Korea Ex-Im Bank, Nippon Export and Investment Insurance and the coordinating lenders in relation to the US$2.8 billion Donggi-Senoro LNG Project in Indonesia. This transaction was awarded Asia-Pacific Oil and Gas Deal of the Year 2014 by Infrastructure Journal Asia-Pacific Awards, and nominated for IFLR Awards Deal of the Year 2015: Project Finance and also for Asia Legal Awards Finance Deal of the Year 2015: Projects)
CGNPC Uranium Resources Co., Ltd in connection with the US$2.6 billion financing by China Development Bank Corporation (“CDB”) and the commercial lenders for the Husab Uranium Project in Namibia. This transaction was nominated for Asia Legal Awards Finance Deal of the Year 2015: Banking
CDB and the commercial lenders on a US$900 million loan to Daewoo International Corporation with the benefit of political risk insurance from K-SURE in relation to an offshore gas pipeline project in Myanmar that will supply over 7% of China’s gas needs. This transaction is notable because of the highly politicalise nature of the project, and the associated country risks (Myanmar was still a sanctioned country at that time)
CDB on its US$3 billion pre-export finance loan to the Republic of Ghana, the proceeds of which to be applied towards 12 major infrastructure projects in Ghana, including Ghana’s Western Corridor Gas Infrastructure Project and Western Corridor Petroleum Terminal Project. This transaction is notable as we had to grapple with Ghana’s conflicting obligations under their then existing IMF loans, and a delegation led by the head of IMF (Ms Christina Lagarde) was heavily involved in the negotiation of the loan.
CDB on its USD/RMB dual currency pre-export finance loan equivalent to US$2 billion to the Republic of Ecuador, to be repaid from proceeds of certain oil offtake contracts with a major Chinese oil company. From the commercial perspective, this transaction was notable as was the pre-cursor to the use of the “petro yuan” and start of the liberalisation of the RMB in the international market. From the commercial perspective, this transaction was also challenging in the context of (then) recent precedent from the Occidental case regarding state expropriation of Ecuadorian assets.
CDB on its US$8 billion rollover of its US$8 billion pre-export finance loan to Venezuela development bank, Banco de Desarrollo Economico y Social de Venezuela (BANDES). This transaction is notable for its many local law issues and transactional risks. The transaction was highly politicised at the time and is still mentioned as one of the centrepieces of China’s massive “oil for loans” programme launched at the turn of the century.
A group of more than 10 banks in the debt restructuring of STX Pan Ocean Co., Ltd. This transaction is notable for its effect on the entire shipping industry, and the “domino effect” on the Asian shipbuilders.
A special purpose vehicle of MGPA in relation to a S$1.9 billion development loan facility granted by a syndicate of banks arranged by DBS, OCBC, UOB and Hypo Real Estate Singapore Corporation Private Limited for acquisition of various land parcel at Marina View, Singapore for development to the Asia Square Towers. This transaction was notable for being one of the largest property transactions at the time for the new CDB in Singapore in the aftermath of the global Great Financial Crisis of 2008.
Singapore - 2007
England and Wales - 2011
Hong Kong - 2015
Author, “Project Financing of Singapore’s Integrated Resort” (2006) 24 CSLJ 448
Member, Law Society of England and Wales