White & Case LLP - News - White & Case in $7.6 Billion Project Finance Treble

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White & Case in $7.6 Billion Project Finance Treble
Size of project financings continues to increase

London, August 28, 2007 ... The London office of White & Case has closed three project finance transactions, with a combined financing package value of more than $7.6 billion, in the space of a month. The project finance market saw impressive levels of activity in the first half of 2007, including 31 transactions with a value of $1 billion or more, according to Infrastructure Journal's Report, 'Global Project Finance Review First Half 2007.'

"The average size of project financings continues to increase, with a $2 to $4 billion financing now quite commonplace in today's market. This has clear implications for advisors of all types, who may be called upon to work on a number of these large-scale, highly complex financings simultaneously," explained White & Case partner Philip Stopford, head of the Firm's Energy, Infrastructure, Project and Asset Finance Practice in London.

The project finance treble comprised the following:

Representing Qatar Petroleum and Hydro Aluminium AS in connection with the $2.6 billion financing for the construction of a new aluminium plant, located within the Mesaieed Industrial City, South of Doha. The plant will have the capacity to produce 585,000 metric tonnes of primary aluminium and its facilities will include a 1250 MW captive power plant, a modern casthouse, carbon plant and a new port for unloading raw materials. The financing facilities comprised a $2.25 billion commercial bank term loan facility raised from a syndicate of 30 banks and Export Development Canada and an additional $350 million Export Credit Agency facility with GIEK of Norway. Financing agreements were signed on 23 August 2007. The White & Case team advising Qatar Petroleum and Hydro Aluminium was again led by Philip Stopford, working with associates Nick Collins, Ed Hills, Charlotte Allan, Joseph Varghese and Elizabeth Kimura.
Representing Spanish Egyptian Gas Company ("SEGAS") in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta LNG complex in Egypt. The refinancing consists of a term-loan facility and a guarantee facility provided by over twenty international banks, together with a syndicated working capital facility. The Damietta LNG complex is situated approximately 60km west of Port Saïd on the Mediterranean coast of Egypt and is one of the world's largest capacity single train LNG facilities. The refinancing documentation was signed on 27 July 2007, with financial close achieved on 16 August 2007. The White & Case team advising SEGAS was also led by Philip Stopford, working closely with senior associate Euan Pinkerton, associates Nneka Okonkwo and Michael Brennan and trainee solicitors Anna Blest and Rhian Williams, with assistance from partner Jason Kerr and local partner George Degenhardt.
Representing project sponsors Qatar Petroleum and Shell in relation to the financing of the Qatargas 4 Liquefied Natural Gas ("LNG") project, the financing documents for which were signed on 27 July. The total amount of financing raised is in excess of $4 billion. The financing consists of different facilities provided by 30 international, regional and Qatari banks, as well as a co-financing facility provided by a wholly-owned subsidiary of Shell. All the facilities have a maturity of 15.5 years. It is expected that when completed the facility's production capacity of 7.8 million metric tonnes of LNG per annum will be mainly available to the North American markets. The White & Case team advising the sponsors was led by partner Philip Stopford, working alongside partner David Baker and associates Mark Castillo-Bernaus, Carina Radford, Claire Sellars and Ronan Lambe.

White & Case's Energy, Infrastructure, Project and Asset Finance Practice in London numbers more than 60 lawyers, including 13 partners. The team has been active in London for two decades working on market-leading deals. The Firm's work on the Qatargas series of LNG financings, along with its role on the ongoing $20 billion Sakhalin II (Phase 2) project and on the Brass LNG Project in New York make it the world's premier legal advisor for LNG project financings.

About White & Case
White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Project Finance Lawyers David G. Baker Mark Castillo-Bernaus George J. Ernst Degenhardt Jason Kerr Elizabeth Kimura Nneka Wood Euan Pinkerton Carina Radford H. Philip T. Stopford Locations London	White & Case in $7.6 Billion Project Finance Treble Size of project financings continues to increase London, August 28, 2007 ... The London office of White & Case has closed three project finance transactions, with a combined financing package value of more than $7.6 billion, in the space of a month. The project finance market saw impressive levels of activity in the first half of 2007, including 31 transactions with a value of $1 billion or more, according to Infrastructure Journal's Report, 'Global Project Finance Review First Half 2007.' "The average size of project financings continues to increase, with a $2 to $4 billion financing now quite commonplace in today's market. This has clear implications for advisors of all types, who may be called upon to work on a number of these large-scale, highly complex financings simultaneously," explained White & Case partner Philip Stopford, head of the Firm's Energy, Infrastructure, Project and Asset Finance Practice in London. The project finance treble comprised the following: Representing Qatar Petroleum and Hydro Aluminium AS in connection with the $2.6 billion financing for the construction of a new aluminium plant, located within the Mesaieed Industrial City, South of Doha. The plant will have the capacity to produce 585,000 metric tonnes of primary aluminium and its facilities will include a 1250 MW captive power plant, a modern casthouse, carbon plant and a new port for unloading raw materials. The financing facilities comprised a $2.25 billion commercial bank term loan facility raised from a syndicate of 30 banks and Export Development Canada and an additional $350 million Export Credit Agency facility with GIEK of Norway. Financing agreements were signed on 23 August 2007. The White & Case team advising Qatar Petroleum and Hydro Aluminium was again led by Philip Stopford, working with associates Nick Collins, Ed Hills, Charlotte Allan, Joseph Varghese and Elizabeth Kimura. Representing Spanish Egyptian Gas Company ("SEGAS") in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta LNG complex in Egypt. The refinancing consists of a term-loan facility and a guarantee facility provided by over twenty international banks, together with a syndicated working capital facility. The Damietta LNG complex is situated approximately 60km west of Port Saïd on the Mediterranean coast of Egypt and is one of the world's largest capacity single train LNG facilities. The refinancing documentation was signed on 27 July 2007, with financial close achieved on 16 August 2007. The White & Case team advising SEGAS was also led by Philip Stopford, working closely with senior associate Euan Pinkerton, associates Nneka Okonkwo and Michael Brennan and trainee solicitors Anna Blest and Rhian Williams, with assistance from partner Jason Kerr and local partner George Degenhardt. Representing project sponsors Qatar Petroleum and Shell in relation to the financing of the Qatargas 4 Liquefied Natural Gas ("LNG") project, the financing documents for which were signed on 27 July. The total amount of financing raised is in excess of $4 billion. The financing consists of different facilities provided by 30 international, regional and Qatari banks, as well as a co-financing facility provided by a wholly-owned subsidiary of Shell. All the facilities have a maturity of 15.5 years. It is expected that when completed the facility's production capacity of 7.8 million metric tonnes of LNG per annum will be mainly available to the North American markets. The White & Case team advising the sponsors was led by partner Philip Stopford, working alongside partner David Baker and associates Mark Castillo-Bernaus, Carina Radford, Claire Sellars and Ronan Lambe. White & Case's Energy, Infrastructure, Project and Asset Finance Practice in London numbers more than 60 lawyers, including 13 partners. The team has been active in London for two decades working on market-leading deals. The Firm's work on the Qatargas series of LNG financings, along with its role on the ongoing $20 billion Sakhalin II (Phase 2) project and on the Brass LNG Project in New York make it the world's premier legal advisor for LNG project financings. About White & Case White & Case LLP is a leading global law firm with more than 2,000 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848