White & Case Advises Sponsors on US$9.1 billion Financing of Amur Gas Chemical Complex
2 min read
Global law firm White & Case LLP has advised the sponsors on the US$9.1 billion financing for the development and construction of the landmark Amur Gas Chemical Complex (Amur GCC) in the Russian Far East, one of the world's largest and most advanced polymer production facilities.
"This project is extremely important to our clients, as well as to the Russian petrochemical industry, and represents one of the largest downstream projects to sign in 2021," said White & Case partner and Global Head of Project Development and Finance Mark Castillo-Bernaus, who co-led the Firm’s deal team. "Our role advising on the project showcases the ability of White & Case to lead on large scale multi-sourced financings in the Russian market and on major energy projects around the world."
The Amur GCC project, set for launch in 2024, will produce 2.3 million tonnes of polyethylene and 400,000 tonnes of polypropylene a year. The project company is a joint-venture (JV) between SIBUR and China Petroleum & Chemical Corporation (Sinopec) acting as the project sponsors. White & Case previously successfully advised on all aspects of the JV formation back in 2020.
The financing, which signed in December 2021, was provided by a large syndicate of banks and included a Russian commercial bank uncovered tranche, a Chinese commercial bank uncovered tranche, and an international commercial bank covered tranche (benefitting from cover from certain European Export Credit Agencies).
White & Case partner Natalia Nikitina, who co-led the Firm’s deal team, said: "We value our long-standing partnership with SIBUR, acting as legal counsel on one of its most strategically important projects, and also welcomed the opportunity to work closely with Sinopec on this ground-breaking financing."
The White & Case team that advised on the transaction was led by partners Mark Castillo-Bernaus (London) and Natalia Nikitina (Moscow) and included partners Irina Dmitrieva (Moscow) and Michael Watson (London) and associates Azamat Gaisenov and Elizaveta Volkodav (both Moscow), Alex Field and Juanita Derex Briggs (both London) and Tianren Liu (Beijing).
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