Allen & Overy has advised Inpex and Total on the $20 billion financing of the $34 billion Ichthys LNG project, one of the biggest construction projects being handled in Australia.
The sponsors of the project include the Inpex Corporation, Total S.A., Tokyo Gas, Osaka Gas, Chubu Electric Power and Toho Gas.
A particularly complex financing, it involved over eight export credit agencies and 24 commercial banks.
The firm’s Tokyo office managing partner Aled Davies, supported by counsel Scott Neilson and associate Kazuko Ali handled the deal. They worked alongside partner Osamu Ito, senior associate Kristian Bradshaw and associates David Norman, Dai Tajima and Teruma Naito.
The Australian team, meanwhile, was helmed by Sydney partner Chris Rushton with support from Perth counsel Goran Galic and senior associate David Christensen.
The firm’s Singapore, Hong Kong, Bangkok, Amsterdam, Paris and Frankfurt offices were also involved in the project.
"We are pleased to have been involved in what is a ground breaking and strategically important project for both Australia and Japan. This deal will see Australia become the world's leading LNG producer, and secure long-term supplies of energy for Japan at an important time post-Fukushima. The structuring and risk allocation of the deal were extremely complicated, involving a team across Asia-Pacific and Europe. It is a reflection of the depth of our global expertise and international relationships with sponsors and ECAs,” said Davies in a statement.
The Ichthys LNG project covers the production and processing of gas and field condensate from the Ichthys Field, located 230 kilometres offshore western Australia, as well as the transportation of processed feed gas from the world’s largest offshore installations.
Seher Hussain is Southeast Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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