Milbank Advised on IJGlobal’s 2017 “African Oil & Gas Deal of the Year”

Milbank LLP’s Global, Project, Energy & Infrastructure Group was recognised by IJGlobal for its work on a groundbreaking transaction at the IJGlobal Europe & Africa 2017 Awards Dinner held in London last month. The awards dinner gathered the most senior and successful market professionals to celebrate industry excellence.

Milbank acted as common lenders’ counsel for Vitol’s innovative African Oil & Gas Deal of the Year, OCTP.

This first-of-a-kind financing has won significant recognition, having now received four awards including:

• African Oil & Gas Deal of the Year 2017 – IJGlobal Europe and Africa 2017
• Best African ECA Finance Deal of the Year – TXF Perfect 10 Deals of the Year 2016
• GTR Best Deals of 2016: OCTP – Global Trade Review
• African Oil & Gas Deal of the Year – PFI Awards 2016

London partner John Dewar and his team advised the World Bank-affiliated International Finance Corporation, UKEF, the United Kingdom’s Export Credit agency and eight commercial banks led by HSBC, ING, Société Générale and Standard Chartered Bank in the $1.5 billion financing by Vitol for development of Ghana’s Offshore Cape Three Points oil and gas field. The multi-sourced financing also included a facility covered by the World Bank’s Multilateral Investment Guarantee Agency (MIGA). The project’s overall cost of approximately $7 billion represents the largest foreign direct investment in Ghana’s history, and UKEF’s largest direct loan to date.