in

LONDON — August 2, 2005 – LAWFUEL – The Law News Network – The inter…

LONDON — August 2, 2005 – LAWFUEL – The Law News Network – The international law firm of Chadbourne & Parke LLP represented the European Bank for Reconstruction and Development in a US$180 million loan to two subsidiaries of Lukoil Overseas for Caspian gas projects that will generate significant revenues for the region and help establish Azerbaijan as a significant natural gas supplier.

EBRD is lending US$110 million to Lukoil Overseas Shah Deniz Ltd. towards the development of the Shah Deniz gas-condensate field located in the Azeri sector of the Caspian Sea. An additional US$70 million will go to Lukoil Overseas Shah Deniz Midstream Ltd. for the construction of the 690 km-long South Caucasus gas pipeline.

The pipeline will originate at the Sangachal terminal near Baku, cross Azerbaijan and Georgia, before discharging into Turkey’s gas distribution system. The loans will assist Lukoil Overseas in funding its 10% interest in both projects. Other investors in the consortium developing the Shah Deniz gas-condensate field and pipeline include BP, Statoil, Total, TPAO, NICO and the State Oil Company of Azerbaijan (SOCAR).

The deal marks the second time Chadbourne has represented EBRD on the financing of a consortium member’s interest in the project. Last year, Chadbourne represented the EBRD on a US$170 million loan facility extended to affiliates of SOCAR to assist in the financing of their interests in the same gas-condensate field and pipeline.

Chadbourne lawyers working on the deal include London office partner Nabil Khodadad and associates Rubin Weston, Sasha Ferrigan and Zaur Baghirov.

“Having represented EBRD on this financing, as well as the financing recently extended to SOCAR, Chadbourne has the distinction of having acted on two out of the three limited recourse pipeline financings concluded to date in Eastern Europe and the CIS,” said Khodadad.

About Chadbourne & Parke LLP

Chadbourne & Parke LLP, an international law firm headquartered in New York City, provides a full range of legal services, including mergers and acquisitions, securities, project finance, corporate finance, energy, telecommunications, commercial and products liability litigation, securities litigation and regulatory enforcement, white collar defense, intellectual property, antitrust, domestic and international tax, reinsurance and insurance, environmental, real estate, bankruptcy and financial restructuring, employment law, trusts and estates and government contract matters. The Firm has offices in New York, Washington, D.C., Los Angeles, Houston, Moscow, Kyiv, Warsaw (through a Polish partnership), Beijing, Almaty, Tashkent, and a multinational partnership, Chadbourne & Parke, in London. For additional information, visit www.chadbourne.com.

About Chadbourne & Parke, A Multinational Partnership

In London, the Firm conducts its practice through Chadbourne & Parke, a multinational partnership employing both English-qualified solicitors and U.S. lawyers who work closely with other Chadbourne offices to provide seamless service to international clients. The London partnership offers a range of legal services under both English and U.S. law and, in particular, focuses on project finance, privatization, energy, capital markets, banking, securitizations, structured finance, corporate finance, litigation and products liability.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.