Singapore: Leading law firm Clifford Chance has advised the lenders on a US$225 million financing for a refinery development by Pertamina, Indonesia’s state-owned oil and gas company.
A team led by partner Ting Ting Tan advised BNP Paribas, The Hong Kong and Shanghai Banking Corporation Limited, and The Sumitomo Trust & Banking Co. Ltd. on the financing, which will be used to develop a polypropylene plant at Pertamina’s existing refinery complex in Balongan, West Java, Indonesia.
The financing, which was arranged by BNP Paribas, was made available through a trustee borrowing scheme.
The financing is the first oil sector financing to be covered by NEXI natural resources and energy insurance. NEXI (Nippon Export and Investment Insurance) is a Japanese export credit agency.
“It was a challenge finalising a loan of this scale given the current adverse credit market,” said Ting Ting. “However, this deal typifies the transactions that are attracting funders at the moment, and we expect to continue to see a strong interest in infrastructure, energy and natural resources projects.”
Ting Ting was assisted by senior associate Henry Stewart in Singapore, with additional support provided by partner Evan Cohen and associate Jason Young in New York.