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Akin Gump and Clifford Chance Advise on Second Financing for Lukoil in Uzbekistan

Akin Gump and Clifford Chance Advise on Second Financing for Lukoil in Uzbekistan

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Akin Gump has advised PJSC Lukoil on a USD 500 million financing for the Gissar gas field in Uzbekistan. Clifford Chance advised a consortium of lenders on the transaction, which closed on November 30, 2016.

The consortium of lenders consisted of ING Bank N.V., Intesa Sanpaolo Bank Luxembourg S.A., Mizuho Bank, Ltd., Natixis, AO Raiffeisenbank, Raiffeisen Bank International AG, UniCredit S.p.A., and VTB Bank (Deutschland) AG.

Proceeds from the loan will be used to finance the development of the Gissar gas field under a production-sharing agreement signed by Soyuzneftegaz Vostok Limited, a wholly owned subsidiary of PJSC Lukoil, and the Uzbekneftegaz holding company in 2007.

With annual sales of over USD100 billion, PJSC Lukoil is Russia’s second-largest oil and gas company in terms of reserves and the largest Russian oil business group. It was the first Russian company to receive a full listing of its shares on the London Stock Exchange.

The Akin Gump team was led by London Finance Partner Robert Aulsebrook and Moscow Corporate Partner Natalia Baratiants, with support by London Finance Counsel Inderveer Hothi and London Finance Associate Nicholas Pascal, with other counsel and associates from across the firm’s London and Moscow offices.

Akin Gump previously advised to Lukoil Overseas Shah Deniz Limited, a subsidiary of PJSC Lukoil, in a USD 1 billion project financing to finance the development of Phase II of the Shah Deniz project, an offshore gas exploration and production project in the South Caspian Sea, Azerbaijan (as reported by CEE Legal Matters on December 22, 2013), and to Lukoil Uzbekistan Limited on a USD 500 million project financing of the Khauzak-Shady and Kandym gas fields in Uzbekistan (completed in April 2012).

The Clifford Chance team on this most recent financing was led by Moscow-based Banking & Finance Partner Victoria Bortkevicha and Counsel Adam Fadian, with support from Associates Anna Nikulina, Anna Booth, and Dmitry Elkin.

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