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Dina Elshurafa is an associate in the Energy, Infrastructure, Project and Asset Finance Group in London. Dina specialises in project and Islamic financings with a focus on the oil and gas, petrochemical and power sectors.
Dina has particular experience in large multi-sourced oil and gas project financings in the Middle East and Europe and has advised sponsors and developers as well as commercial banks, multi-lateral agencies, export credit agencies and Islamic financiers in project and international finance. She has a specific focussed interest and has gained extensive experience working on ground-breaking Islamic finance deals including the Sadara Sukuk, the Rabigh 2 Islamic financing as well as most recently, the PP11 Islamic refinancing. Dina also spent 10 months at Crédit Agricole CIB as a secondee legal counsel working closely with the oil and gas, power and infrastructure, structured commodity finance as well as leveraged finance departments.
Dina has also authored a number of publications including, among others, "Total and Partial Loss in Islamic Project Finance – an end or a new beginning?" Journal of International Banking and Financial Law (December 2015), "Sadara Sukuk – Saudi Arabia leading the way," Islamic Finance News (3 April 2013); "Mergers & Acquisitions: Islamic Finance finding its way," Islamic Finance News (20 February 2013); and "Project Finance and Sukuk in Saudi Arabia – an On-going Project?," Journal of International Banking and Financial Law (February 2013).
Representation of the Turkish lead arrangers (Yapı ve Kredi Bankası A.Ş., Türkiye İş Bankasi A.Ş., Vakıflar Bankası T.A.O. and Türkiye Garanti Bankasi A.Ş.) in connection with the refinancing of the 865 MW gas-fired combined-cycle power plant in Gebze, Turkey.
Representation of Solör Bioenergy Group in connection with the refinancing of its NOK 650 million and SEK 950 million senior secured bonds and all existing bank debts for their Swedish and Norwegian subsidiaries. The transaction involved a complex reorganisation of the groups legal and intra-group debt structure resulting in all its Swedish district heating assets being transferred to a separate ringfenced group used to secure the new senior and junior credit facilities.
Representation of US Ex-Im, the commercial lenders and Islamic financiers in relation to the $1.45 billion refinancing of the Riyadh PP11 Independent Power Project in the Kingdom of Saudi Arabia.
Representation of Saudi Aramco in the project and Islamic financing of the PetroRabigh Phase 2 expansion project, a refinery and petrochemical project in the Kingdom of Saudi Arabia.
Representation of Saudi Aramco on the US$12.5 billion project financing of the world-scale integrated Sadara chemical complex to be located on the east coast of Saudi Arabia (including financing from seven export credit agencies - including COFACE, Euler Hermes, FIEM, K-Exim, K-sure, 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)).
Representation of the lenders, including the commercial banks and the Export-Import Bank of the United States, in the US$2.1 billion financing of Riyadh PP11, a greenfield gas-fired, 1,730 MW independent power project in Saudi Arabia. The financing included US$1.55 billion in senior limited recourse project finance facilities, consisting of a mix of commercial bank loans, Islamic financing instruments and an export credit direct loan provided by the Export-Import Bank of the United States.
Representing the sponsors, Qatar Petroleum and Exxon Mobil, in connection with the US$10.3 billion Barzan Gas Project to be located in Ras Laffan Industrial City in Qatar. This is one of the most significant oil and gas projects ever undertaken in Qatar and the world's largest project financing to close in 2011.
Representation of Allianz Renewable Energy Fund in connection with its acquisition of the Great Glemham solar park in Germany.
Sunshine and Shifting Sands, Recent Trends and Future Outlook in Oil and Gas Project Financings, International Comparative Legal Guide, 2nd Edition, April 2013, (co-author)
Sadara Sukuk – Saudi Arabia Leading the Way, Islamic Finance News, 3 April 2013, (co-author)
Mergers & Acquisitions: Islamic Finance Finding its Way, Islamic Finance News, 20 February 2013
Project Finance and Sukuk in Saudi Arabia – An On-going Project?, Journal of International Banking and Financial Law, February 2013
Insolvency Laws in Saudi Arabia, Time for Change?, International Corporate Rescue, Volume 9(5), September 2012