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February 2012 - ALB Advises Lenders on Dolphin Pipeline New Bond Issue

ALB is pleased to have acted as local counsel advising the underwriters on a bond issue for the Abu Dhabi-based Dolphin Energy Limited (DEL) which follows the USD 4.14 billion refinancing deal which ALB advised on in 2009.

Dolphin Energy Limited successfully issued USD 1.3 billion of 10 year senior secured bullet bonds. The initial USD 1 billion bond was priced on February 7th 2012 with an additional USD 300 million tap bond priced on February 9th 2012 due to strong investor demand. The two issues of bonds will be fully fungible, carry a coupon of 5.5% and mature on December 15th 2021. The USD 1 billion transaction priced at par. The USD 300 million transaction was priced at a 5.34% yield on the back of 101.25% bond price.

The USD 1.3 billion bonds have received an A+ rating from Fitch and an A1 rating from Moody's, both with stable outlook.

ALB's Managing Partner Alaa Hamad and Associate Sean Khalid were supporting Sullivan & Cromwell LLP the appointed international counsel for the underwriters.

 

 

December 2011 - ALB acts as lenders local counsel in relation to the US$10.4 billion Barzan Gas Project

ALB is pleased to have acted as local counsel advising the lenders in relation to the US$10.4 billion Barzan Gas Project.

The Barzan Gas Project will help meet growing domestic energy demand in the world's top liquefied natural gas exporter. It is Qatar's most expensive since Royal Dutch Shell Plc launched a US$19 billion Pearl gas-to-liquids plant in 2006. The financing includes a commercial bank facility of US$3.34 billion, a US$850-million Islamic facility and US$2.55 billion of export credit agency financing, with ExxonMobil, QP's partner in the project, also providing a portion of the senior debt.

The first Barzan gas production line is expected to become operational in 2014 with the second in 2015. In addition to feeding power plants, it will also supply natural gas to fuel water desalination plants and other industrial users in Qatar, while also processing propane and butane for export.

ALB Managing Partner Alaa Hamad and Associates Rad Eltreki and Sean Khalid were supporting Skadden, Arps, Slate, Meagher & Flom LLP.

 

 

November 2011 – ALB advises QEWC in relation to the Sur Independent Power Project in Oman.

ALB has advised QEWC with regards to its role in the Sur Independent Power Project in the Sultanate of Oman. The Sur IPP is the biggest green-field power project ever to be undertaken in Oman. The gas-propelled power plant is expected to cost 700 million Omani Riyals (US$1.82 billion) and will provide 2,000 megawatts of power on its final commissioning in 2014, with the first 433-MW unit expected to go online by April 2013.

ALB Managing Partner Alaa Hamad and Associate Rad Eltreki were supporting Norton Rose LLP.

 

 

October 2011 - ALB Managing Partner Speaks at Middle East Business Conference

Alaa Hamad, ALB’s Managing Partner, delivered a summary of Qatar’s foreign ownership rules in the ‘Doing Business in the Middle East’ conference which took place in Dubai on 2nd and 3rd October. Mr. Hamad gave an overview of the local ownership requirements that are contained in Qatar’s foreign investment laws and its successive amendments which have been prompted either by GCC treaties that Qatar has entered into, or the need to attract companies operating in certain sectors for the development of the Qatari economy.

The summary of Qatar’s foreign ownership rules was complimented by contributions from UAE and Saudi based lawyers speaking on the same issues in these jurisdictions in order to deliver a comparative analysis to the audience. The conference included an array of regional practitioners, mainly lawyers and some bankers, speaking on a broad range of issues including restructuring, IP protection and exploitation, alternative forms of dispute resolution, enforcing judgments, real estate and construction projects and some specific sessions covering the political turbulence and landscape in the Middle East region and how this impacts business. 

 
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