Allen & Overy advises lenders on world’s-first FLNG mega project

Allen & Overy has advised the lenders on the development and project financing of the Coral South Floating LNG (FLNG) project in Mozambique. The USD5 billion deal is the first project financing for an FLNG development anywhere in the world, Mozambique’s first LNG project, and Africa’s largest ever project financing.

The Coral FLNG project is sponsored by Eni, CNPC, ENH, GALP and KOGAS. It was the first project to be approved and granted an Environmental License in the Rovuma basin and the financing was signed on May 31, 2017.

The lenders advised by A&O include Bank of China, Bpifrance Assurance Export SAS, China Development Bank, The Export-Import Bank of China, Industrial and Commercial Bank of China Ltd, The Export-Import Bank of Korea, Korea Trade Insurance Corporate, Servizi Assicurativi del Commercio Estero, China Export & Credit Insurance Corporation (SINOSURE) and 17 commercial banks.

The Allen & Overy team was led by Ian Ingram-Johnson from Dubai and Scott Neilson from Tokyo with support from lawyers across the firm’s Seoul, Tokyo, London, Dubai, Perth and Singapore offices.