Ashurst has advised Concord Energy Pte Ltd and its affiliates on the sale of a 50% interest in Fujairah Oil Terminal FZC (“FOT“) to Sinomart KTS Development Limited, which completed on 3 January 2013 and FOT on the USD 251,860,000 limited recourse financing of the project, provided by a syndicate of six international banks. The financing closed on 13 February 2013.
FOT is an independent 1,155,000 cubic metre oil storage facility in the Emirate of Fujairah, United Arab Emirates. The facility will have the capability to store crude oil, bunkers, gasoline, diesel and other petroleum finished products. FOT is located in the Fujairah Free Zone, adjacent to the Port of Fujairah, which is strategically located along Gulf of Oman, just outside the Straits of Hormuz. This is an ideal location to serve the Middle East’s local and regional markets and to act as a hub location to facilitate global trade flows.
The Ashurst team was led by Singapore energy partner, Philip Thomson and comprised lawyers from the firm’s Singapore, Dubai, Hong Kong and New York offices. The deal team included partners Matt Stott, Judith Kim, Dominic Gregory and David Nirenberg, counsel Ed Bennett and associates Alice Straub, Serena Lennon, Aaron Lee, Joanne Chan and Bhavesh Madia.
Philip Thomson commented:
“We are delighted to have advised on this major multi-jurisdictional project. The deal reflects increasing outbound investment from Asia as well as the growing importance of Fujairah as an oil storage and bunkering centre.”
