23 December – LAWFUEL – The Law News Network – Repsol YPF, S.A. and Irving Oil Limited have retained Linklaters to represent them in the project financing of the Canaport LNG terminal which they are developing in partnership to deliver one billion cubic feet per day of regassified LNG to Eastern Canada and New England.
This will be the first new LNG receiving terminal on North America’s East Coast in over 20 years and is the first to receive regulatory approval among a series of projects proposed for the East Coast. Front end engineering design for the project was completed earlier in the year and the initial phase of construction began in September.
The appointment of Linklaters reflects the firm’s position as the world’s leading law firm in the LNG field, with recent projects including the Chilean LNG Regasification Project, the Sakhalin LNG Liquefaction Project, the Sines LNG Regasification Project, the Metgas LNG Regasification Project, the Brindisi LNG Regasification Project, the Gassi Touil LNG Liquefaction Project, the Pacific LNG Liquefaction Project, LNG tanker financings for RasGas and Dabhol and sale and purchase agreements involving the majority of producers and buyers in the LNG industry.
The Linklaters team is led by projects partner Matthew Hagopian and will work with Citibank as financial advisor in structuring the project financing, which is projected to close in the first or second quarter of 2006.
Speaking about the project, Linklaters partner Matthew Hagopian said;
“This project is an important step in addressing the current insufficiency of natural gas infrastructure serving New England and the inflated energy prices which have followed. We anticipate that the project will be a great success given the ideal combination of Irving’s local expertise in the region and Repsol’s international expertise in the LNG sector.”