Cleary Gottlieb’s current advisory role

Cleary Gottlieb is advising the Lebanese Ministry of Energy and Water in the first licensing round for hydrocarbon exploration within the Lebanese offshore Exclusive Economic Zone. The licensing round is expected to lead to billions in private sector investments in Lebanese offshore exploration and production activity. This is the first upstream exploration and production round of any kind in Lebanon. The round is particularly sensitive because of the need to balance the geological, economic and political risks inherent in exploration and production activities in the Lebanese offshore with the legitimate interests both of the Lebanese Republic and of the oil and gas companies. 

Cleary Gottlieb is also advising BNP Paribas, Citigroup and NBK Capital as joint bookrunners in the planned initial public offering of Zain’s Iraqi subsidiary on the Iraq Stock Exchange (ISX). Zain has provided mobile services in Iraq since December 2003. After securing a 15-year license in August 2007, Zain acquired Iraqna’s network, becoming the largest mobile operator in Iraq. The Zain Group subsequently increased its ownership from 30 per cemt to 72 per cent to assume majority control in 2008. Zain Iraq is a unit of Kuwait's Mobile Telecommunications.