03 04 2016

Silk Road Fund on its first oil and gas M&A transaction

Herbert Smith Freehills has advised Silk Road Fund on the acquisition of an approximate 9.9% stake in Russia's key new liquefied natural gas (LNG) project based in South Tambeyskoye gas field from Novatek, Russia's largest independent natural gas producer, for EUR1,087 million.


The Yamal LNG project involves the exploration and exploitation of the South Tambeyskoye field in the Yamal peninsula in northwest Siberia, the construction and operation of an LNG liquefaction plant, and a port to transport gas to the market. Novatek retains a 50.1% interest, and Total and China National Oil & Gas Exploration and Development Corporation are the other co-investors. The deal signed on 12 December 2015 and closed on 15 March 2016 following approvals from the Chinese and Russian governments, and is structured as a combination of both an equity investment and a 15-year loan financing, which closed in December. he Silk Road Fund is a state owned investment fund of the Chinese government to foster increased investment in countries along the One Belt, One Road, an economic development initiative primarily covering Eurasia. The firm's cross-office corporate team was led by partners Monica Sun (Beijing) and Danila Logofet (Moscow).  Involved fees earner: Monica Sun - Herbert Smith Freehills; Danila Logofet - Herbert Smith Freehills;

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