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Freshfields advises ECAs and a syndicate of 22 financial institutions on the €11.4bn financing of the construction and development of the Amur Gas Processing Plant
Freshfields Bruckhaus Deringer LLP (Freshfields) has advised ECAs (Hermes, SACE and EXIAR) and a syndicate of 22 financial institutions on a multi-source €11.4bn project financing in relation to the construction and development of the Amur Gas Processing Plant (the AGPP).
The €19bn project in the Svobodnensky District of the Amur Region in eastern Russia is sponsored by Gazprom, a global energy company holding the world’s largest natural gas reserves, and will process natural gas for onward supplies to China via the Power of Siberia gas pipeline. The scheme is backed by a tolling arrangement with Gazprom. The lenders include three Chinese banks, with China Development Bank being the largest lender overall, 14 banks from Europe and Japan, as well as five Russian banks.
Upon completion, the AGPP will be the largest gas processing plant in Russia and one of the biggest in the world. The project provides for the construction of access roads, railway communications, a wharf on the Zeya River, and a residential district for future employees.
Freshfields began its legal support of the project three years ago, providing seamless advice covering every single aspect of this multi-billion project finance transaction. The deal was successfully signed on 20 December 2019, with the financial close taking place on 28 February 2020.
The multijurisdictional team was led by partners Tim Pick in London, Anna Nersesian in Moscow, Thomas Ng in Hong Kong, and counsel Massimo Amoruso in London. Counsel Nabeel Yousef in Washington, and partner Stephan Denk and associate Lukas Bauer in Vienna, advised on US and EU sanctions, respectively.
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