
Leading international law firm Clifford Chance has advised lenders, comprising a club of international bank financiers, on a US$280 million refinancing for Fujairah Oil Terminal (FOT), a joint venture between Sinopec, Prostar Capital and the Government of Fujairah. FOT is an onshore oil storage facility with a capacity of 7.4 million barrels and is located in the UAE’s Port of Fujairah, one of the largest bunkering ports in the world.
The new $280 million debt facility will replace existing senior debt as well as enable further organic growth through capital expenditure programmes including funding the connection of FOT’s crude oil tanks to the Port of Fujairah’s Very Large Crude Carrier (VLCC) loading facility.
The Clifford Chance team was led by global financial markets partner Graham Brewer and senior associate Angad Chaturvedi. Graham comments: “We are delighted to have advised the lenders on this important transaction by bringing together a cross-border team of specialist lawyers to help the banks address multi-jurisdictional structuring requirements and complete the refinancing on an accelerated timeline to take advantage of favourable market conditions and support FOT’s expansion plans.”
Clifford Chance was named Middle East International Law Firm of the Year at the Chambers Middle East Awards 2021. The firm’s Middle East banking and finance practice has a strong track record of advising on some of the largest and most complex deals in the region. This recently includes advising lenders on a first-of-its-kind LNG vessel financing in Ghana.



















