White & Case LLP - News - White & Case Advises on €7.4 Billion Nord Stream Pipelines

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White & Case Advises on €7.4 Billion Nord Stream Pipelines
One of the largest project financings brought to the market since the credit crisis began

London, Dusseldorf, Frankfurt, Brussels, Moscow, March 16, 2010 ... Global law firm White & Case LLP advised the joint venture project company, Nord Stream AG, and the sponsors on the construction and financing of phase one of its proposed development of two 1,220km subsea offshore gas pipelines that will link Russia and the European Union via the Baltic Sea.

"The Nord Stream pipeline project is a ground breaking project of key strategic importance to Russia and the European Union and a crucial element in ensuring future security of gas supply to the European Union," commented Jason Kerr, White & Case partner. "Our role, which has been ongoing for nearly three years and involved a cross-jurisdictional and multi-practice team, demonstrates our market leading position on projects of this magnitude and complexity."

The sponsors on the transaction are OAO Gazprom, E.ON Ruhrgas AG, BASF/Wintershall GmbH and N.V. Nederlandse Gasunie. A second string of the pipeline will run substantially along the same route. The total project cost for both pipelines is in the region of €7.4 billion. The financing of the first pipeline consists of €3.9 billion of debt from the Export Credit Agencies, Hermes and SACE, as well as UFK (Germany’s untied loan guarantee scheme) and a commercial bank syndicate of 26 international banks.

"This deal was launched in the middle of one of the toughest markets for a generation – the fact that it was so heavily over-subscribed reflects the continued confidence and appetite of the international debt community for well-structured energy deals," added Jason Kerr.

White & Case advised on all legal aspects of the construction and financing of this project. The construction work included preparation of tender documents, tender analysis, contract negotiations and finalisation of the major construction contracts including the pipelay contracts, the line pipe contracts, coating and logistics contract and valve supply contracts for the pipeline.

With respect to the project financing, the Firm advised on English, Russian and German law aspects of the deal. White & Case also advised on the preparation and development of the long term gas transportation agreement between Nord Stream and OOO Gazprom Export, whereby the entire capacity of the project will be contracted on a ship-or-pay basis. The team has also been involved in environmental aspects of the transaction, as well as other areas such as regulatory, competition and other cross border matters.

The White & Case team was led by Jason Kerr, with fellow Project Finance partners Philip Stopford, Mark Castillo-Bernaus (London), Manfred Ungemach (Düsseldorf) and Irina Nesvetova and Maxim Kobzev (Moscow) and Construction and Engineering partner, Ellis Baker and Brussels competition partner, Mark Powell. The team was comprised of more than 30 lawyers drawn from multiple offices, including London, Moscow, Düsseldorf, Frankfurt and Brussels, including Amanda Rologas, Kirsti Massie, Paul Harrison, Tom Bartlett, Tallat Hussain, Kemal Suffee, Nneka Okonkwo, Sajjad Khoshroo, Mukund Dhar, Anastacia Kharitonova and Alex Malahias.

Anthony Guistini and Nick Wong of Clifford Chance acted as co-lead partners for the ECAs, UFK and the commercial bank syndicate. Daniel Tyrer, of Linklaters in Moscow, advised Gazprom Export on the gas transportation agreement.

About White & Case
White & Case LLP is a leading global law firm with lawyers in 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.

Contact:
Ian Kitts
EMEA Media Relations & Corporate Communications Manager
+44 (0) 207 532 2857

Erica Howard
Media Relations Executive
+44 (0) 207 532 2852

	Press Releases
Expertise Antitrust Construction Project Finance Lawyers Jason Kerr H. Philip T. Stopford Mark Castillo-Bernaus Irina Nesvetova Maxim Kobzev Ellis D. Baker Mark D. Powell Kirsti Massie Paul Harrison Tom Bartlett Tallat Hussain Kemal Suffee Nneka Wood Sajjad Khoshroo Mukund Dhar Anastacia Kharitonova Alexander Malahias	White & Case Advises on €7.4 Billion Nord Stream Pipelines One of the largest project financings brought to the market since the credit crisis began London, Dusseldorf, Frankfurt, Brussels, Moscow, March 16, 2010 ... Global law firm White & Case LLP advised the joint venture project company, Nord Stream AG, and the sponsors on the construction and financing of phase one of its proposed development of two 1,220km subsea offshore gas pipelines that will link Russia and the European Union via the Baltic Sea. "The Nord Stream pipeline project is a ground breaking project of key strategic importance to Russia and the European Union and a crucial element in ensuring future security of gas supply to the European Union," commented Jason Kerr, White & Case partner. "Our role, which has been ongoing for nearly three years and involved a cross-jurisdictional and multi-practice team, demonstrates our market leading position on projects of this magnitude and complexity." The sponsors on the transaction are OAO Gazprom, E.ON Ruhrgas AG, BASF/Wintershall GmbH and N.V. Nederlandse Gasunie. A second string of the pipeline will run substantially along the same route. The total project cost for both pipelines is in the region of €7.4 billion. The financing of the first pipeline consists of €3.9 billion of debt from the Export Credit Agencies, Hermes and SACE, as well as UFK (Germany’s untied loan guarantee scheme) and a commercial bank syndicate of 26 international banks. "This deal was launched in the middle of one of the toughest markets for a generation – the fact that it was so heavily over-subscribed reflects the continued confidence and appetite of the international debt community for well-structured energy deals," added Jason Kerr. White & Case advised on all legal aspects of the construction and financing of this project. The construction work included preparation of tender documents, tender analysis, contract negotiations and finalisation of the major construction contracts including the pipelay contracts, the line pipe contracts, coating and logistics contract and valve supply contracts for the pipeline. With respect to the project financing, the Firm advised on English, Russian and German law aspects of the deal. White & Case also advised on the preparation and development of the long term gas transportation agreement between Nord Stream and OOO Gazprom Export, whereby the entire capacity of the project will be contracted on a ship-or-pay basis. The team has also been involved in environmental aspects of the transaction, as well as other areas such as regulatory, competition and other cross border matters. The White & Case team was led by Jason Kerr, with fellow Project Finance partners Philip Stopford, Mark Castillo-Bernaus (London), Manfred Ungemach (Düsseldorf) and Irina Nesvetova and Maxim Kobzev (Moscow) and Construction and Engineering partner, Ellis Baker and Brussels competition partner, Mark Powell. The team was comprised of more than 30 lawyers drawn from multiple offices, including London, Moscow, Düsseldorf, Frankfurt and Brussels, including Amanda Rologas, Kirsti Massie, Paul Harrison, Tom Bartlett, Tallat Hussain, Kemal Suffee, Nneka Okonkwo, Sajjad Khoshroo, Mukund Dhar, Anastacia Kharitonova and Alex Malahias. Anthony Guistini and Nick Wong of Clifford Chance acted as co-lead partners for the ECAs, UFK and the commercial bank syndicate. Daniel Tyrer, of Linklaters in Moscow, advised Gazprom Export on the gas transportation agreement. About White & Case White & Case LLP is a leading global law firm with lawyers in 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Contact: Ian Kitts EMEA Media Relations & Corporate Communications Manager +44 (0) 207 532 2857 Erica Howard Media Relations Executive +44 (0) 207 532 2852