International law firm Akin Gump has advised LUKOIL Neftohim Burgas, a Bulgarian subsidiary of OAO LUKOIL (Russia), in a €420 million financing to upgrade its oil refinery in Burgas, Bulgaria, including the construction of a heavy-residue hydrocracking complex. This project is one of the largest financings to a private company operating in the fuel and energy sector in Bulgaria.
The transaction signed on November 6 and closed on November 26, 2013. Financing was provided by BNP Paribas (Suisse) SA, ING Bank, Société Générale and UniCredit, backed by SACE S.p.A.—Servizi Assicurativi del Commercio Estero S.p.A.—the Italian export credit agency.
OAO LUKOIL is Russia’s second-largest oil and gas company in terms of reserves and the largest Russian oil business group with annual sales of over $100 billion. It was the first Russian company to receive full listing on the London Stock Exchange.
Akin Gump London finance partner Robert Aulsebrook led the team with Moscow corporate partner, Natalia Baratiants. They were supported by counsel and associates from across the firm’s London and Moscow offices.
