Oil & Gas
An acknowledged leader in the oil, gas, and petrochemical industry, Milbank has served as counsel in the development and financing of many of the most high-profile, complex projects across the globe. Our lawyers are familiar with the major legal and commercial issues pertinent to the industry, and have extensive experience representing developers, investors and lenders in a wide range of projects. We are recognized industry leaders in structuring, negotiating and drafting major commercial contracts, including agreements in the areas of explorative and production, gas liquefaction, regas, shipping pipelines and infrastructure at all stages – upstream, midstream or petrochemicals/refineries. Additionally, our unrivaled financing capabilities have facilitated some of the most complicated, “first ever” petrochemical financings to date. We understand the complex linkages between legal, regulatory and economic issues involved in the development of major petrochemical projects around the world.
Recent representative deals include:
Latin America Oil & Gas “Deal of the Year” 2007 – (Brazil/China) Schahin Drilling – Project Finance Magazine
Milbank represented the mandated lead arrangers, Mizuho Corporate Bank, Standard Chartered Bank, Unicredit (HVB) and WestLB, in the $800 million financing of the development, construction and operation of two semi-submersible drilling platforms under construction in China and to be chartered by Petrobras, Brazil’s state-owned oil company.
Japan Bank for International Cooperation (JBIC) – MIT Energy Project (USA)
We represented the lenders in the financing of the acquisition of oil and gas properties in the Gulf of Mexico. This is the first time JBIC has made an acquisition finance loan for oil and gas properties in the Gulf of Mexico and used a borrowing base facility.
PDVSA Western Energy Development Project and Anaco Project (Venezuela)
We represented one of the sponsors, Marubeni, in negotiating and structuring the Western Energy Development Project and Anaco Project. The $3.5 billion loan to PDVSA, Venezuela’s state-owned petroleum company, was one of the largest oil-related investments ever in Latin America.
Asia-Pacific Oil & Gas “Deal of the Year” 2006 – Reliance (India) – Project Finance Magazine
We represented 52 international banks in the project financing of the $6.1 billion Reliance Petroleum oil refinery and petrochemical project in Jamnagar, India. Upon completion of this expansion project, Reliance’s refinery will comprise the world’s largest refinery complex. This is the largest limited recourse financing in India and, outside of China, the largest in Asia since the Asian financial crisis of 1997. In addition, Milbank advised the underwriters in Reliance Petroleum’s initial public offering, the largest Indian IPO to date.
Global Deal of the Year 2006 – SIPP (Kingdom of Saudi Arabia) – Project Finance Magazine
We represented the sponsors, Saudi Ethylene and Polyethylene Company (SEPC) in the financing of a $2.6 billion shared ethane cracker/polyethylene processing facility (amounting to a series of four interlinked process industry complexes) in Al-Jubail Industry City, Saudi Arabia. Financed by commercial banks, government funding institutions and four export credit agencies, the deal was a ground-breaking private sector petrochemicals project in the Kingdom of Saudi Arabia.