We have acted as legal counsel to the arranger in respect of two facilities, covered by international Export Credit Agencies (ECA), to Türkiye Petrolleri A.O. in relation to Phase 1 of the Sakarya Offshore Gas Field Development Project. The project marks Türkiye’s largest natural gas discovery to date in its exclusive economic zone, located 175 kilometres from the coast in the ultra-deep waters of the Western Black Sea.
The financing, which was arranged by Citibank, N.A. with a total loan amount of approximately USD 611 million, benefits from a sovereign guarantee from the Republic of Türkiye Ministry of Treasury and Finance.
The Clifford Chance team was led by partners Leonard Cleland and Sait Eryılmaz and supported by counsel Filippo Tassoni, senior associates Isabella Mashru, Elphina Franklin, Başar Kırka and Ali Can Altıparmak, associate Berke Avarkan, and trainees Ekin Öner, Katie Riley and Ahmet Oztekin.
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