Leading international law firm Clifford Chance has advised lenders on a $280 million refinancing transaction for Fujairah Oil Terminal (FOT), a joint venture between Sinopec, Prostar Capital and the Government of Fujairah. The lenders comprise a club of international bank financiers.
FOT is an onshore oil storage facility with a capacity of 7.4 million barrels and is strategically located in the UAE’s Port of Fujairah, one of the largest bunkering ports in the world.
The new $280 million debt facility will replace existing senior debt as well as enable further organic growth via capital expenditure programmes including funding the connection of FOT’s crude oil tanks to the Port of Fujairah’s Very Large Crude Carrier (VLCC) loading facility.
The Clifford Chance team was led by global financial markets partner Graham Brewer and senior associate Angad Chaturvedi. Brewer and Chaturvedi were supported by associates Mahmoud Elbanhawi and Ahmed Shafiek. Specialist product and local law input was provided by Paul Landless (partner, Singapore), Andrew Hutchins (partner, Singapore), Miles Binney (senior associate, Singapore), Beej Radia (senior associate, Hong Kong), Yaru Chia (associate, Singapore) and Kelvin Cheung and Amanda Liu (trainee solicitors, Hong Kong).
Brewer said: “We are delighted to have advised the lenders on this important transaction by bringing together a cross-border team of specialist lawyers to help the banks address multi-jurisdictional structuring requirements and complete the refinancing on an accelerated timeline to take advantage of favourable market conditions and support FOT’s expansion plans.”
For more information visit fujairahport.ae/
