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MOSCOW — April 19, 2005 — LAWFUEL – The Law News Network – The int…

MOSCOW — April 19, 2005 — LAWFUEL – The Law News Network – The international law firm of Chadbourne & Parke is representing OAO AK Transneft, the Russian oil transportation monopoly, in connection with a US$250 million loan agreement with a syndicate of 19 Western banks.

The deal, signed April 15, involved a syndicate led by Barclays Capital and Barclays PLC.

Transneft, the largest pipeline company in the world, will use the proceeds for the construction and expansion of Phase III of the Baltic Pipeline System, as well as for the refinancing of existing indebtedness. The expansion will increase the system’s capacity to 60 million metric tons.

At Chadbourne, the deal was led by Moscow office Managing Partner Laura M. Brank and associate Max Goldman, with assistance from senior associate Konstantin Konstantinov.

Chadbourne advised Transneft on all aspects of the transaction.

Transneft has 48,610 kilometers of long-distance pipelines and transports 93% of oil produced in Russia.

The loan is unsecured and is provided for three years at an interest rate of LIBOR plus 1.15%, the lowest interest rate for an unsecured corporate loan in Russia to date.

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 and ERISA, 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 and a multinational partnership, Chadbourne & Parke, in London. For additional information, visit www.chadbourne.com.

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.