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

Lathams & Watkins’ energy and natural resources team is widely respected for its strong track record in Indonesia and India as well as its expertise in advising lenders in transactions relating to oil and gas, renewable, petrochemicals and infrastructure.

Under the leadership of a trio of renowned lawyers, corporate partner Michael Sturrock, project finance partner Joseph Bevash, and finance specialist David Miles, the team has had a busy 12 months picking up a series of significant mandates.

In one high profile deal, Sturrock and Miles, together with partners Rajiv Gupta and Min Yee Ng, assisted India’s Vedanta Resources on the acquisition of natural resources company Cairn Energy.

In October, Bevash and partner Stephen McWilliams represented the lenders in the financing for the development of the power and mining facilities forming part of the Hongsa Mine-Mouth Power Project. This was the largest project loan ever raised exclusively in the Thai bank market.

The firm also advised on Papua New Guinea’s PNG LNG project finance, the world’s largest ever project financing.

Peers credit the firm’s technical ability and ability to “provide advice on a wide range of different issues”. Sturrock is described by one client as “a very practical and clear thinking lawyer”.

“Milbank’s energy and natural resources team is among the best, with an innovative legal perspective that is very client friendly and quick to execute,” says one client.

Headed up by managing partner David Zemans, and partners James Murray, Giles Kennedy and Naomi Ishikawa, the team was involved on a number of high profile transactions this year, with particular focus on Indonesian project finance.

One noteworthy deal saw Zemans, Kennedy and Ishikawa lead a team advising Indonesian thermal coal miner Harum Energy and its core selling shareholder on its US$320 million Indonesian Stock Exchange IPO. The deal marked the biggest IPO by an Indonesian coal mining company in the past two years.

A firm team, led by Zemans, also represented Standard Chartered Bank on its US$140 million secured loan to Ibris Agri, the owner of palm oil and sugar plantations in Indonesia.

The team has also been active in the mining space this year, advising on the US$2.71 billion Hongsa Mine-Mouth Power Project as well as a US$457 million finance acquisition by Aston of the Maules Creek coal project in New South Wales, Australia from Rio Tinto.

Zemans, Melissa Lewis and Katie Taylor are deemed “an excellent team of professionals” by one peer.

Tim Mackey is also a regular contributor in this space.

Bolstered by the arrival of international oil, gas and LNG expert John Geraghty in February, Allen & Overy enjoyed another busy year with its Singapore team advising on a sizeable number of landmark transactions in the energy and natural resources space.

Partner Jason Humphreys is lauded by peers for his creative thinking. “He understands the commercial side to a transaction well,” says one client, while another praised his “great work ethic and strict adherence to deadlines”.

In a highlight this year, Humphreys advised British Petroleum, Standard Chartered Bank and ICON Capital Corp as subordinated debt lenders and participants in relation to the US$2.4 billion Jurong Aromatics project in Singapore. He is also acting for Antam and Showa Denko, as sponsors, and Indonesia Chemical Alumina, as borrower, in relation to the JBIC financed US$400 million Tayan alumina project in West Kalimantan, Indonesia.

Partners Kayal Sachi and Andrew Roche are notable contacts in the sector, while peers are expecting big things from new arrivals Charlie Grover and Yuko Hurley.

Retaining a tier two ranking for its joint venture with local firm TSMP Law Corporation, Allens Arthur Robinson’s energy practice has a strong focus on Indonesia as well as regional matters. It can boast Inpex Masela, Hutchinson Group, Star TV and BHP Billiton among its clients.

Peers rate highly Melbourne-based partner Gavin McLaren’s extensive expertise on Southeast Asian projects, as well as his diverse client base in the region, which includes governments, financial institutions and multinationals.

Bakers’ four partner Singapore team is known for offering “practical and sound advice”. The group has established a particularly strong track record in the petrochemicals, power, oil and gas, water and wastewater projects space. Its clients include commercial banks and investment banks, financial institutions and corporate borrowers, as well as credit providers, sponsors and operators on infrastructure projects in the energy, utilities, transportation, water and telecoms sectors.

Boosted this year with the addition of two new associates, Allison Hancock and Ashley Phelps, the team picked up a number of high profile mandates, advising developers and borrowers on the development and financing of power projects development and acquisition in Indonesia, Thailand, Laos and the Philippines. The firm also assisted with the financing, construction and chartering of oil rigs, floating platforms, dry bulk carriers and LNG tankers, and the short term and long term charter of such vessels and facilities.

Clients value the firm’s international reach. “The firm is global and we have used it for work outside of Singapore,” says one.

Chew Chin is a well regarded contributor in the space.

The Clifford Chance practice now sits in tier two of the rankings. However, partner Ting Ting Tan continues to impress with his knowledge of oil and gas, energy and infrastructure, M&As for financial institutions, and cross border financings in Europe and Asia.

In one highlight this year, a firm team led by Ting Ting Tan and partner Alan Lee advised ICIC Bank on its US$250 million financing to Adani for its acquisition of coal assets in Australia.

Headed up by managing partner James Harris, Hogan Lovells Lee & Lee’s seven partner group continues to cement its reputation as the ‘go to’ firm for infrastructure projects in Singapore and across the Southeast Asia region.

Following this year’s departure of project finance expert Ken Hawkes to White & Case, the team was strengthened by the arrival of partner Philip Robb who relocated from London in 2010. Robb has kept busy since his arrival, advising on a broad range of domestic and international deals including several finance deals for Standard Chartered Bank involving projects in India.

The firm has also expanded its reputation in the PPP space, and was mandated this year to advise on projects such as Indonesia, Thailand, Vietnam and Mongolia’s PPP initiatives.

In the mainstream market, the firm acted on the recourse financing of an integrated greenfield cement project, with captive power plant and dedicated railway, in India.

Peers expect big things from the group over the next year, following the addition of new partner and engineering, procurement and construction specialist Alex Wong.

Linklaters’ Singapore based projects and energy practice, led by Richard Ginks and Nathan Dodd, focuses on development, finance and M&A deals across Southeast Asia.

With notable expertise in mandates with an Indian element, the team advised on a range of prominent deals over the past 12 months.

Highlights include advising the arrangers on the US$6 billion acquisition financing to the Vedanta Group to fund the acquisition of a controlling stake in Cairn Energy.

The firm also assisted the international lenders, including both Japanese and PRC banks, on the financing of CLP’s 1,320MW Jhajjar coal fired independent power producer in India. This was the first financing of an Indian thermal power project by international commercial banks in more than a decade and, at US$1.3 billion, it was a significant overseas investment into India.

The group is also advising the developers on two of the largest IPPs under development in Vietnam (Vinh Tan 3 and Vung Ang II), Flex LNG on the development and project financing of the world’s first floating LNG vessel and associated upstream gas projects and ICICI Bank as lender in relation to the development of a power station in Indonesia owned by KPC.

Peers note the experience of partners Stuart Bedford, Philip Badge, Dean Lockhart, Arun Balasubramaniam and Kevin Wong in this sector.

Norton Rose has advised on numerous high profile project financings such as Central Java Power Project, the Jurong Aromatics project and Island Power Project. Other deals include the developments of a hydropower plant in Indonesia, an oil storage terminal in Malaysia, a caustic soda plant in Oman, and a refinery in Singapore.

The firm is also particularly active in assisting on climate change initiatives. The team advised Standard Chartered Bank on a wind farm financing in China, and Genting Energy on a 91.8MW wind farm financing in India.

The firm also continues to focus on innovative structured financings for shipping and offshore energy projects globally, with emphasis on the energy transportation/oil and gas upstream sectors. And it has a respectable reputation for projects involving offshore drilling/production rigs, FPSOs and IFSOs.

From LNG facilities in Egypt to petrochemical plants in China, Sherman & Sterling advises on a number of significant infrastructure projects. Being able to formulate sophisticated solutions to issues that arise in connection with projects in all major industries is a hallmark of the firm’s project development and finance team.

In one highlight this year, a firm team led by practice group head Bill McCormack represented the borrower and lead sponsor AES in relation to the project financing for the US$1.95 billion 1,240 MW coal-fired Mong Duong 2 IPP in northern Vietnam. This will be the first IPP in Vietnam to reach financial close since Phu My 3 in 2003. Senior associate Scott Baggett and associate Warren Kim are also regular contributors in this space.

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.

Herbert Smith’s team of specialist energy lawyers has expertise across the power, oil and gas, LNG and petrochemical sectors for borrowers and lenders. The firm is also noted among peers for its proficiency on clean energy and electricity. Leveraging the firm’s banking and finance expertise, the group picked up some interesting mandates this year. One highlight saw partner Adrian Cheng lead a team advising BNP Paribas and CBA on a US$80 million secured borrowing base facility for Coastal Energy in connection with its interests in the Phu Horm and Bua Ban gas fields in the Khorat and Songkhla basins offshore Thailand.

Watson Farley & Williams has built up a respectable practice in the transport, offshore oil and gas, as well as power and energy sectors. The team is also establishing a strong track record in the renewable and clean energy space, successfully winning mandates from Conergy and Vestas Wind Systems on high profile regional projects. With an impressive array of banks among its clients, including Bank of Tokyo Mitsubishi UFJ, BNP Paribas and Citibank, the group is supported by project and structured finance partners Josh Clarke, Mehraab Nazir and Siva Subramaniam. Chris Lowe also continues to be pivotal on the financing side, with Ken Cheung leading the firm’s corporate involvement in the sector.

White & Case’s six member Singapore energy, infrastructure, projects and asset finance team is known for its strength in Singaporean, Indonesian and Thai projects.

It was bolstered this year with the arrival of partner Ken Hawkes, and counsel Niel Liebenberg, from Hogan Lovells.

In one unresolved case this year, Hawkes and fellow partner Sebastian Buss are advising Singapore’s Island Power on the proposed S$1.2 billion financing for the construction of a power project in Singapore. In December, Buss also represented Standard Chartered Bank on a US$120 million financing provided to Multi Harapan Utama’s coal operations in Indonesia.