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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

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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.

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