Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Many of the M&A transactions that Ashurst handles are in the energy and natural resources sector, thanks to the firm’s strong reputation in this industry. One sample transaction saw practice head John McClenahan advise KOGAS, the largest LNG buyer in the world, on its investment and acquisition of a 15% equity stake in the US$16 billion Gladstone LNG project in Australia. Working closely with the Singapore office, the firm also has an active funds practice and it advised IDFC Capital on the acquisition of interests in four funds.

Ashurst’s established projects and energy practice has generated much construction work for the integrated energy, transport and infrastructure group led by partner Rupert Burrows. For example, Burrows is leading a firm team advising Mitsui & Co and Sumitomo as EPC contractors on power projects in Thailand and Malaysia respectively. The firm is able to act on real estate deals as well, and it is assisting a Singapore investment company on its acquisition of hotels in Tokyo through a special purpose vehicle.

The energy group at Ashurst expanded rapidly over the past year with the relocation of Anthony Patten from London and the joining of one senior counsel and five associates. The four-partner team led by Rupert Burrows has a balanced practice that is active in advising on both the development and financing aspects of energy projects.

For example, John McClenahan and Harvey Weaver are acting for JBIC on an IPP coal fired independent power project in Vietnam, while Burrows can be found on the development side advising Sumitomo Corporation as EPC contractor on the first IPP in Malaysia to be tendered. Ashurst also has a strong Korea practice run out of its Tokyo office. Korea Gas Corporation mandated McClenahan and Patten on its acquisition of a 15% stake in the Gladstone LNG project in Australia in December 2010, which is the largest investment ever in Australia by a Korean company.

Following the departure of partner Ashley Wright to Norton Rose, Ashurst’s Singapore team slips down the rankings to tier three this year.

Nonetheless, the firm has been active in the LNG space this year following the resurgence of large LNG projects in Australia. The team has advised project sponsors, LNG buyers and equity investors in relation to a number of projects, including the Ichthys LNG project, the Gladstone LNG project and the Gorgon LNG project. The firm also continues to be involved in acquisitions of energy assets across the energy sector, and in the past year the team has advised on acquisitions in Indonesia, Australia, Papua New Guinea, Thailand and Korea.