26
Sun, May
62 New Articles

Clifford Chance and Ciftci Advise on Financing of Sakarya Offshore Gas Field Development Project

Clifford Chance and Ciftci Advise on Financing of Sakarya Offshore Gas Field Development Project

Turkiye
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised Citibank on arranging two facilities totaling approximately USD 611 million – covered by international export credit agencies – to Turkiye Petrolleri in relation to Phase 1 of the Sakarya Offshore Gas Field Development Project.

According to Clifford Chance, “the project marks Turkey’s largest natural gas discovery to date in its exclusive economic zone, located 175 kilometers from the coast in the ultra-deep waters of the Western Black Sea. The financing, with a total loan amount of approximately USD 611 million, benefits from a sovereign guarantee from the Republic of Turkey’s Ministry of Treasury and Finance.”

The Clifford Chance and Ciftci combined team included Partners Leonard Cleland and Sait Eryilmaz, Counsel Filippo Tassoni, Senior Associates Isabella Mashru, Elphina Franklin, Basar Kirka, and Ali Can Altiparmak, Associate Berke Avarkan, and Trainees Ekin Oner, Katie Riley, and Ahmet Oztekin.

The firms did not respond to our inquiry on the matter.

Editor's Note: After this article was published, Baker McKenzie's Turkish affiliate, the Esin Attorney Partnership, announced it had advised Turkiye Petrolleri on the deal. The firm's team included Partner Muhsin Keskin and Associates Zeki Nizam Cebe and Nihat Aral.

Baker McKenzie at a Glance

Baker McKenzie brings insight and foresight to clients across more than 70 global offices. Our team of 13,000 people, including over 6,500 lawyers, works alongside our clients to drive growth that is both sustainable – and inclusive. The global business community is more interconnected than ever before. Opportunities and risks spill across different markets, sectors and areas of law, so a connected perspective is essential in delivering business objectives while mitigating risk. Our integrated client solutions provide seamless advice, underpinned by deep practice and sector expertise, as well as first-rate local market knowledge.

In the Central and Eastern European (CEE) region, Baker McKenzie's expansion remains steadfast, with a thriving team of over legal professionals. Our footprint extends across six offices in Austria, the Czech Republic, Hungary, Poland, Türkiye, and Ukraine. As part of our global network, coupled with well-established partnerships throughout the entire CEE landscape, we proudly stand as one of the foremost international law firms in this dynamic territory. Our reputation as a premier business law firm in CEE is a testament to our extensive experience in advising on a multitude of prestigious projects and nurturing enduring client relationships.

Firm's website.