Allen & Overy has advised the lenders on the development and project financing of the Coral South Floating LNG (FLNG) project in Mozambique. The USD5 billion deal is the first project financing for an FLNG development anywhere in the world, Mozambique’s first LNG project, and Africa’s largest ever project financing.
Commenting on the project, Dubai-based partner Ian Ingram-Johnson said: “It has been a privilege to assist with delivering this mega project involving so many parties in such a short timeframe. Credit is due to the sponsors, ECAs and lenders all working collaboratively to help Mozambique monetize its massive gas discoveries. With lawyers involved from 10 Allen & Overy offices across Asia-Pacific, the Middle East, Africa, North America and Europe we were able to once again leverage our expertise firm-wide for the benefit of our clients”.
Tokyo-based partner Scott Neilson added: “As the world’s first project financing of an FLNG unit, this was a pioneering first-of-its-kind project, in terms of both sheer size and innovation. We are proud to have been involved in this landmark transaction , which represents a first not just for Africa but globally.”
The Coral FLNG project is sponsored by Eni, CNPC, ENH, GALP and KOGAS. It was the first project to be approved and granted an Environmental License in the Rovuma basin and the financing was signed on 31 May.
The lenders advised by A&O include Bank of China, Bpifrance Assurance Export SAS, China Development Bank, The Export-Import Bank of China, Industrial and Commercial Bank of China Ltd, The Export-Import Bank of Korea, Korea Trade Insurance Corporate, Servizi Assicurativi del Commercio Estero, China Export & Credit Insurance Corporation (SINOSURE) and 17 commercial banks.
The Allen & Overy team was led by Ian Ingram-Johnson from Dubai and Scott Neilson from Tokyo with support from:
Seoul – Jean Lee, Partner; David Rho, Associate; Hannah Kim, Legal Assistant
Tokyo – Kristian Bradshaw, Counsel; Xue Wang & Hitomi Komachi, Senior Associates; Andrew Duncalf & Jiran Liu Associates;
London – David Smith, Lorraine Bayliss, Matthew Townsend, Partners; Linda Roxburgh & Megan Chen, Senior Associates, Iyesogie Igiehon, Associate; Hattie Hughes, Peerpoint Consultant
Dubai – Gonçalo Noronha Andrade, Senior Associate; Filipa Serra, Ian Convey, Associates;
Perth – Goran Galic & Anna Lee, Counsel
Singapore – Chris Bishop, Senior Associate; Jessica Lee, Associate
For further information, please contact Nadine Gibbon, firstname.lastname@example.org or +852 2974 7090 in Hong Kong or James Taylor, email@example.com, on +44 (0)20 3088 1221 in London.
Notes for Editors:
Allen & Overy is an international legal practice with approximately 5400 people, including some 554 partners, working in 44 offices worldwide.
In this press release ‘Allen & Overy’ means Allen & Overy LLP and/or its affiliated undertakings.
The term ‘partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.
The original press release can be found here on the Allen & Overy website.