1st of January, 2014
Sharkawy & Sarhan Advises EBRD and HSBC on a $100 Million Loan to Support Energy Development in Egypt
Keywords: Financial Institutions, Infrastructure & Projects, Banking & Finance
Sharkawy & Sarhan advises EBRD and HSBC on a $100 Million loan to support Energy Development in Egypt
Sharkawy & Sarhan (“S&S”) advised the European Bank for Reconstruction and Development (“EBRD”), HSBC Bank plc and HSBC Bank Egypt on a $100 Million Senior Secured Borrowing Base Facility to the Improved Petroleum Recovery (“IPR”), a group of companies which holds various oil and gas concessions in Egypt.
This deal is considered one of the first for EBRD in the Egyptian energy sector, as Eric Rasmussen, EBRD Director for Natural Resources stated; “We are pleased to be supporting IPR’s ambitious development strategy through this investment, one of our first in the sector. While we set high technical performance thresholds for this facility, there is an underlying and overall emphasis on health, safety and environment, as well as corporate responsibility and energy efficiency.” (Zgheib, EBRD).
S&S work included conducting a full due diligence on the concessions held by IPR, preparing the Egyptian law security package and reviewing the finance documents to ensure their enforceability under Egyptian law.
S&S team on this transaction included partner Karim Sarhan, Senior Associate Ahmed Haggag and Associate Reham Eissa.
The EBRD deal announcement can be found at:
http://www.ebrd.com/pages/news/press/2014/140116b.shtml
Sharkawy & Sarhan (“S&S”) advised the European Bank for Reconstruction and Development (“EBRD”), HSBC Bank plc and HSBC Bank Egypt on a $100 Million Senior Secured Borrowing Base Facility to the Improved Petroleum Recovery (“IPR”), a group of companies which holds various oil and gas concessions in Egypt.
Sharkawy & Sarhan Advises EBRD and HSBC on a $100 Million Loan to Support Energy Development in Egypt
1 January, 2014
Keywords: Financial Institutions, Infrastructure & Projects, Banking & Finance
Sharkawy & Sarhan advises EBRD and HSBC on a $100 Million loan to support Energy Development in Egypt
Sharkawy & Sarhan (“S&S”) advised the European Bank for Reconstruction and Development (“EBRD”), HSBC Bank plc and HSBC Bank Egypt on a $100 Million Senior Secured Borrowing Base Facility to the Improved Petroleum Recovery (“IPR”), a group of companies which holds various oil and gas concessions in Egypt.
This deal is considered one of the first for EBRD in the Egyptian energy sector, as Eric Rasmussen, EBRD Director for Natural Resources stated; “We are pleased to be supporting IPR’s ambitious development strategy through this investment, one of our first in the sector. While we set high technical performance thresholds for this facility, there is an underlying and overall emphasis on health, safety and environment, as well as corporate responsibility and energy efficiency.” (Zgheib, EBRD).
S&S work included conducting a full due diligence on the concessions held by IPR, preparing the Egyptian law security package and reviewing the finance documents to ensure their enforceability under Egyptian law.
S&S team on this transaction included partner Karim Sarhan, Senior Associate Ahmed Haggag and Associate Reham Eissa.
The EBRD deal announcement can be found at:
http://www.ebrd.com/pages/news/press/2014/140116b.shtml
Sharkawy & Sarhan (“S&S”) advised the European Bank for Reconstruction and Development (“EBRD”), HSBC Bank plc and HSBC Bank Egypt on a $100 Million Senior Secured Borrowing Base Facility to the Improved Petroleum Recovery (“IPR”), a group of companies which holds various oil and gas concessions in Egypt.
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