White & Case LLP - News - €1.1 Billion Financing for Construction of New Fertilizer Plant in Algeria

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€1.1 Billion Financing for Construction of New Fertilizer Plant in Algeria
Continued Industrial Investment in North Africa

London / Paris April 21, 2008 ... Global law firm White & Case LLP advised Sorfert Algeria ("Sorfert"), a 51/49 joint venture between Orascom Construction Industries ("OCI") and Sonatrach, the national oil and gas company of Algeria, in connection with the €1.1 billion financing for the construction of a nitrogen-based fertilizer plant in Algeria. Located in the industrial zone of Arzew near several major Algerian ports on the Mediterranean Sea, the plant will comprise an ammonia/granulated urea plant with a capacity of up to 1.2 million tonnes per year, and a second ammonia plant with a capacity of 0.8 million tonnes per year. The plant will be one of the largest fertilizer exporters to the Mediterranean.

The financing of the plant, documents for which were signed on April 14, has a tenor of 15 years, including a grace period of approximately three years that covers the construction period. Banque Exterieure d'Algerie was the arranger and agent bank, as well as being one of the participant banks, along with: Banque Nationale d'Algerie, CNEP Banque, Banque de Developpement Local and Credit Populaire d'Algerie.

"We are seeing increasing levels of industrial investment in North Africa. These countries have abundant resources and given their coastal locations, are in a good position to export manufactured goods. These factors, combined with the region's sustained strong economic growth, make these countries attractive prospects for investors," commented White & Case partner Paule Biensan.

White & Case also advised Sorfert in connection with an Engineering, Procurement and Construction (EPC) contract that it entered into with Uhde GmbH, a world leader in the field of urea production technology, and OCI Algeria, OCI's wholly owned construction subsidiary. The EPC contract is in continuation to the Early Works Agreement signed on June 23, 2007.

The White & Case team advising Sorfert on the financing was led by partner Paule Biensan in Paris, working closely with partners Philip Stopford and Chris Utting in London, and counsel Henri Joseph Tremolet de Villers and associates Marianna Sedefian, Cecile-Marie Rieu and Imene Boukadoum in Paris. Partner Ellis Baker in London advised Sorfert on the EPC contract.

White & Case's global Energy, Infrastructure and Project Finance Practice regularly appears as a lead advisor on the major projects in Europe, the Middle East, Africa, Asia and the Americas, last year advising on more than $50 billion worth of deals. Its work was recognised at this year's Legal Business awards ceremony, with the Firm picking up the "Project Finance Team of the Year" award. Recent examples of the Firm's work include:

advising the lead arrangers on the $4.67 billion financing for the construction of the world's largest aluminium smelter by EMAL, to be located in Abu Dhabi;
advising 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;
advising Spanish Egyptian Gas Company in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta LNG complex in Egypt; and
advising project sponsors Qatar Petroleum and Shell in relation to the financing of the Qatargas 4 Liquefied Natural Gas project; the total amount of financing raised is in excess of $4 billion.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 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 Construction Project Finance Lawyers Ellis D. Baker Paule Biensan H. Philip T. Stopford Christopher Utting Locations London Paris	€1.1 Billion Financing for Construction of New Fertilizer Plant in Algeria Continued Industrial Investment in North Africa London / Paris April 21, 2008 ... Global law firm White & Case LLP advised Sorfert Algeria ("Sorfert"), a 51/49 joint venture between Orascom Construction Industries ("OCI") and Sonatrach, the national oil and gas company of Algeria, in connection with the €1.1 billion financing for the construction of a nitrogen-based fertilizer plant in Algeria. Located in the industrial zone of Arzew near several major Algerian ports on the Mediterranean Sea, the plant will comprise an ammonia/granulated urea plant with a capacity of up to 1.2 million tonnes per year, and a second ammonia plant with a capacity of 0.8 million tonnes per year. The plant will be one of the largest fertilizer exporters to the Mediterranean. The financing of the plant, documents for which were signed on April 14, has a tenor of 15 years, including a grace period of approximately three years that covers the construction period. Banque Exterieure d'Algerie was the arranger and agent bank, as well as being one of the participant banks, along with: Banque Nationale d'Algerie, CNEP Banque, Banque de Developpement Local and Credit Populaire d'Algerie. "We are seeing increasing levels of industrial investment in North Africa. These countries have abundant resources and given their coastal locations, are in a good position to export manufactured goods. These factors, combined with the region's sustained strong economic growth, make these countries attractive prospects for investors," commented White & Case partner Paule Biensan. White & Case also advised Sorfert in connection with an Engineering, Procurement and Construction (EPC) contract that it entered into with Uhde GmbH, a world leader in the field of urea production technology, and OCI Algeria, OCI's wholly owned construction subsidiary. The EPC contract is in continuation to the Early Works Agreement signed on June 23, 2007. The White & Case team advising Sorfert on the financing was led by partner Paule Biensan in Paris, working closely with partners Philip Stopford and Chris Utting in London, and counsel Henri Joseph Tremolet de Villers and associates Marianna Sedefian, Cecile-Marie Rieu and Imene Boukadoum in Paris. Partner Ellis Baker in London advised Sorfert on the EPC contract. White & Case's global Energy, Infrastructure and Project Finance Practice regularly appears as a lead advisor on the major projects in Europe, the Middle East, Africa, Asia and the Americas, last year advising on more than $50 billion worth of deals. Its work was recognised at this year's Legal Business awards ceremony, with the Firm picking up the "Project Finance Team of the Year" award. Recent examples of the Firm's work include: advising the lead arrangers on the $4.67 billion financing for the construction of the world's largest aluminium smelter by EMAL, to be located in Abu Dhabi; advising 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; advising Spanish Egyptian Gas Company in connection with the $1.02 billion refinancing, on a non-recourse project financing basis, of the Damietta LNG complex in Egypt; and advising project sponsors Qatar Petroleum and Shell in relation to the financing of the Qatargas 4 Liquefied Natural Gas project; the total amount of financing raised is in excess of $4 billion. About White & Case White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 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