White & Case Advises Saudi Aramco on US$12.5 Billion Sadara Integrated Chemicals Project Financing | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Saudi Aramco on US$12.5 Billion Sadara Integrated Chemicals Project Financing

White & Case Advises Saudi Aramco on US$12.5 Billion Sadara Integrated Chemicals Project Financing

Global law firm White & Case LLP has represented Saudi Arabian Oil Company (Saudi Aramco) on the project financing for Sadara Chemical Company (Sadara), its joint venture with The Dow Chemical Company to build and operate a US$20 billion world-scale integrated chemicals complex in Jubail Industrial City, Saudi Arabia.

The multi-sourced Sadara transaction is the largest-ever project financing in the chemicals sector, with loans provided by a combination of the Public Investment Fund of the Kingdom of Saudi Arabia, seven export credit agencies - including COFACE (of France), Euler Hermes (of Germany), FIEM (of Spain), K-Exim and K-sure (both of Korea), UK Export Finance and US Ex-Im Bank - and a diverse range of commercial banks and Islamic financial institutions (participating in both wakala and procurement funding structures).

Financial close relating to the US$10.5 billion financing was achieved on June 28, 2013, following the signing of definitive finance documents on June 16, 2013. Earlier this year, White & Case represented Saudi Aramco in the successful launch of an approximately US$2 billion sukuk issuance by Sadara Basic Services Company on behalf of Sadara (which is amongst the world’s largest project bonds). White & Case has also advised Saudi Aramco on all aspects of the development of the Sadara complex, including negotiation of a full set of project documents.

The proceeds of the financing will be used by Sadara towards the costs of construction of its complex, of which the first production units are scheduled to come 'on-stream' in the second half of 2015, with the remainder to follow in 2016. Once completed, the Sadara complex will represent the world’s largest chemical facility ever built in a single phase.

The Saudi Aramco internal legal team for the project financing was led by senior legal counsel Kris Koziol and legal counsel Andrew Coyne.

An integrated team of lawyers from multiple offices across the White & Case global network advised Saudi Aramco on the Sadara project financing. The team was led from White & Case's London office by partners Tom Bartlett and Philip Stopford, working closely with partners Dr. Waleed N. Al-Nuwaiser, Euan A. Pinkerton, Antoine Cousin (Riyadh); Shibeer Ahmed, Michael Watson (Abu Dhabi); Steve Payne (Singapore); Saul Daniel (London); John Lillis, Jean Shimotake, Sylvia Fung Chin (New York), and Richard Burke (Washington, D.C.).

Global counsel and associate support was provided by teams in: London - Paul Simpson, Sajjad Khoshroo, Yan Ng, Fern Han, Kimberly Haughton, Dina Elshurafa, Tallat Hussain (counsel), Emily Pender, Edward Attenborough, Sam Whitman, Johanna Hayward, Jonathan Blacker, Richard Blackburn and Ingrid York (counsel); Riyadh - Mohammad Al-Awadh, Adam Pierson, Hamad Al-Hoshan, Mishari Alabbad, Abdulaziz Albabtain, James Rimmer and Zeyad Al-Salloum; Abu Dhabi - Benjamin Bradstreet, Luke Robottom and Yasser Riad; and New York - Clark Wohlferd, Brandon Freeman, Saira Khan and Todd Wolynski.

In addition to Sadara, the White & Case global project finance group has assisted on a number of other stand-out transactions in 2013, including advising Braskem SAPI in securing US$3.2 billion in financing for the Etileno XXI project and a US$4.5 billion integrated petrochemicals project located in Veracruz, Mexico (the largest project financing ever in the Americas petrochemical industry).

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