White & Case Advises Saudi Aramco on the World's Largest Industrial Gas Complex
Global Law Firm White & Case LLP has advised the Saudi Arabian Oil Company (Saudi Aramco) in relation to the structuring, tendering, development and financing of a world-scale industrial gas complex to be constructed in the Jazan province, on the southwestern coast of the Kingdom of Saudi Arabia.
The US$2.1 billion air separation unit project, which achieved financial close on June 30, 2015, will have a capacity of 56,500 tons per day of nitrogen and 18,500 tons of oxygen, once completed. The project is being developed on a build-own-operate-transfer (BOOT) basis pursuant to contracts between Saudi Aramco and Jazan Gas Projects Company, a special purpose vehicle owned by the winning consortium comprised of ACWA Holding and Air Products and Chemicals Inc.
Engineering, procurement and construction will be carried out by Air Products. Construction started on June 30, 2015 with a phased commencement of commercial operations between April 30 and July 31, 2018.
The US$1.8 billion debt package includes facilities from ten Saudi and international banks.
"We are pleased to have advised on this important utilities project, which will be the largest industrial gas complex in the world and supports Saudi Aramco's Jazan Refinery project in one of the most strategic regions of Saudi Arabia," said White & Case partner Antoine Cousin. "White & Case was honored to have the opportunity to work with our longstanding client Saudi Aramco on all the project development and financing aspects of the project and successfully support this complex and innovative deal."
The Saudi Aramco legal team was led by Daniel J. Swendsen. The White & Case team was led by partner Antoine Cousin and associate Adam Pierson from its Riyadh office, supported by partners Tom Bartlett (London) and Wendell Maddrey (New York), counsel Luke Robottom (Abu Dhabi), associates Zeyad Al-Salloum (Riyadh), Natalya Bremen and Johanna Hayward (London).
White & Case has advised Saudi Aramco on several similar large scale transactions in recent years, including the US$20 billion Sadara project, a world-scale integrated chemicals complex in Jubail Industrial City, Saudi Arabia, and the US$8 billion expansion of the Petro Rabigh petrochemical complex at Rabigh, on Saudi Arabia's Red Sea coast.
White & Case has represented Saudi Aramco and its predecessor company, the Arabian American Oil Company, for more than half a century.
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