White & Case LLP - News - White & Case and Linklaters Advise on the US$5.3 Billion Sakhalin 2 Project Financing — the World's Largest Limited Recourse Oil and Gas Financing and Russia's Largest Ever Foreign Investment and Project Financing

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White & Case and Linklaters Advise on the US$5.3 Billion Sakhalin 2 Project Financing — the World's Largest Limited Recourse Oil and Gas Financing and Russia's Largest Ever Foreign Investment and Project Financing

London, Moscow, Tokyo, Washington, DC, June 16, 2008 ... Global law firm White & Case LLP has advised JBIC and the commercial lenders as common lenders' counsel and Linklaters has advised Sakhalin Energy Investment Company Ltd ("SEIC") on the Phase 2 financing of the US$20 billion Sakhalin 2 LNG project in Russia. The project, which reached financial close today, is the world's largest limited recourse oil and gas financing and Russia's largest ever foreign investment and project financing. It involved the financing of an integrated oil and gas production project comprising three offshore platforms, onshore processing facilities, two 800km pipelines and an oil export terminal and a two train LNG production facility on Sakhalin island in the far east of Russia.

The financing consists of a JBIC loan tranche and a tranche of uncovered commercial bank debt led by six mandated lead arrangers.

White & Case was appointed in 2002 as international counsel to represent all of the lenders. The White & Case team was led by Peter Finlay in London with extensive involvement over many years of partners including Jason Kerr, David Baker and Doug Peel in London, George Crozer in Washington DC, Marc Polonsky and Igor Ostapets in Moscow and Hendrick Gordenker in Tokyo.

White & Case partner Peter Finlay commented "This was a unique experience unparalleled in transactions of this type. It would not have been brought to fruition without considerable success by both sets of legal advisers in addressing many structural challenges."

White & Case partner Jason Kerr, who co-led the finance documentation with Peter Finlay, added "This deal reflects the continued confidence and appetite of the international debt community for well structured energy deals in the Russian market."

Linklaters was appointed to represent SEIC and the sponsors (Gazprom, Shell, Mitsubishi and Mitsui) in December 2000 and has remained as project counsel for both international and Russian law aspects throughout the financing, working in tandem with Barbara Blum and Jacob Cameron as SEIC's in-house finance counsel. The Linklaters team was led by partner Stuart Salt from appointment with partners Dmitry Dobatkin, James Douglass, Matthew Hagopian, Jeremy Gewirtz, Narayan Iyer, John Maxwell, Vanessa Havard-Williams and Daniel Tyrer playing key roles over the years.

Linklaters partner Stuart Salt commented "This has been an epic adventure and we have been privileged to be part of such a world class project which is a landmark deal for both Russia and the Asia-Pacific region."

Linklaters partner James Douglass, who co-led the deal in the finance documentation phase, added "The financing involved a number of innovative structures and demonstrates that complex secured financings are achievable in the Russian market."

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.

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:
Sara McIlroy
European Media Relations Mgr, White & Case
44 (0) 20 7532 2946

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

	Press Releases
Expertise Project Finance Lawyers David G. Baker George K. Crozer Peter Finlay Hendrik Gordenker Jason Kerr Igor Ostapets Doug Peel Marc Polonsky Locations London Moscow Tokyo Washington, DC	White & Case and Linklaters Advise on the US$5.3 Billion Sakhalin 2 Project Financing — the World's Largest Limited Recourse Oil and Gas Financing and Russia's Largest Ever Foreign Investment and Project Financing London, Moscow, Tokyo, Washington, DC, June 16, 2008 ... Global law firm White & Case LLP has advised JBIC and the commercial lenders as common lenders' counsel and Linklaters has advised Sakhalin Energy Investment Company Ltd ("SEIC") on the Phase 2 financing of the US$20 billion Sakhalin 2 LNG project in Russia. The project, which reached financial close today, is the world's largest limited recourse oil and gas financing and Russia's largest ever foreign investment and project financing. It involved the financing of an integrated oil and gas production project comprising three offshore platforms, onshore processing facilities, two 800km pipelines and an oil export terminal and a two train LNG production facility on Sakhalin island in the far east of Russia. The financing consists of a JBIC loan tranche and a tranche of uncovered commercial bank debt led by six mandated lead arrangers. White & Case was appointed in 2002 as international counsel to represent all of the lenders. The White & Case team was led by Peter Finlay in London with extensive involvement over many years of partners including Jason Kerr, David Baker and Doug Peel in London, George Crozer in Washington DC, Marc Polonsky and Igor Ostapets in Moscow and Hendrick Gordenker in Tokyo. White & Case partner Peter Finlay commented "This was a unique experience unparalleled in transactions of this type. It would not have been brought to fruition without considerable success by both sets of legal advisers in addressing many structural challenges." White & Case partner Jason Kerr, who co-led the finance documentation with Peter Finlay, added "This deal reflects the continued confidence and appetite of the international debt community for well structured energy deals in the Russian market." Linklaters was appointed to represent SEIC and the sponsors (Gazprom, Shell, Mitsubishi and Mitsui) in December 2000 and has remained as project counsel for both international and Russian law aspects throughout the financing, working in tandem with Barbara Blum and Jacob Cameron as SEIC's in-house finance counsel. The Linklaters team was led by partner Stuart Salt from appointment with partners Dmitry Dobatkin, James Douglass, Matthew Hagopian, Jeremy Gewirtz, Narayan Iyer, John Maxwell, Vanessa Havard-Williams and Daniel Tyrer playing key roles over the years. Linklaters partner Stuart Salt commented "This has been an epic adventure and we have been privileged to be part of such a world class project which is a landmark deal for both Russia and the Asia-Pacific region." Linklaters partner James Douglass, who co-led the deal in the finance documentation phase, added "The financing involved a number of innovative structures and demonstrates that complex secured financings are achievable in the Russian market." 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. 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: Sara McIlroy European Media Relations Mgr, White & Case 44 (0) 20 7532 2946 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848