Linklaters has advised Eni, a multinational oil and gas company, together with its Area 4 partners, CNPC, ENH, GALP and KOGAS on an ECA-backed multi-billion dollar project financing for the USD8 billion Coral South floating liquefied natural gas (LNG) project in Mozambique.
The financing is Africa’s largest ever project financing deal to date. It is also the world’s first project financing of a floating LNG facility.
Daniel Tyrer, Partner, Linklaters, says: “This landmark transaction marks the beginning of a huge development process for Mozambique as it starts to capitalise on the significant natural gas resources in the Rovuma Basin.
“It is a very important and ground-breaking transaction for Eni and its Area 4 Partners which involved a complex legal structure and showcases Linklaters’ capabilities and expertise in dealing with major multi-sourced project financings.”
The Linklaters team, which was led by Project Finance partner Daniel Tyrer working alongside partners Mark Russell and Vanessa Havard-Williams and managing associate Ross Schloeffel, worked closely with Eni’s in-house legal team led by Senior VP for Legal Affairs for Finance, M&A, Mozambique Project, Reserves and International Renewables, Gloria Dagnini.
