LUKOIL’s $500 Million Financing for Gissar gas field in Uzbekistan


Akin Gump has advised PJSC LUKOIL on a $500 million financing for the Gissar gas field in Uzbekistan. The transaction closed on November 30, 2016.

The transaction closed on November 30, 2016.

The loan is being financed by a consortium of lenders comprising ING Bank N.V., Intesa Sanpaolo Bank Luxembourg S.A., Mizuho Bank, Ltd., Natixis, AO Raiffeisenbank, Raiffeisen Bank International AG, UniCredit S.p.A. and VTB Bank (Deutschland) AG.

Proceeds from the loan will be used to finance the development of the Gissar gas field under a production-sharing agreement signed by Soyuzneftegaz Vostok Limited, a wholly owned subsidiary of PJSC LUKOIL, and National Holding Company “Uzbekneftegaz” in 2007.

PJSC LUKOIL is Russia’s second-largest oil and gas company in terms of reserves and the largest Russian oil business group with annual sales of over $100 billion. It was the first Russian company to receive a full listing of its shares on the London Stock Exchange.

The Akin Gump team was led by London finance partner Robert Aulsebrook (Picture) and Moscow corporate partner Natalia Baratiants, with support by London finance counsel Inderveer Hothi and London finance associate Nicholas Pascal, with other counsel and associates from across the firm’s London and Moscow offices.

Involved fees earner: Robert Aulsebrook – Akin Gump; Inderveer Hothi – Akin Gump; Nicholas James Pascal – Akin Gump; Natalia Baratiants – Akin Gump;

Law Firms: Akin Gump;

Clients: Lukoil;

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