Norton Rose advises Sinopec Kantons on acquisition of oil storage terminal in UAE
19 January 2012
International legal practice Norton Rose Group has advised Sinopec Kantons Holdings Limited on the acquisition of a majority stake in Fujairah Oil Terminal FZC (FOT).
FOT will principally engage in operating oil storage facilities in Fujairah Free Zone, United Arab Emirates and it will develop an oil storage project with a capacity of 1,125,000 cubic metre in the Emirate of Fujairah, and more specifically located adjacent to the Port of Fujairah, United Arab Emirates.
Sinopec Kantons is a subsidiary of Unipec, the trading arm of the Sinopec Group.
Andrew Abernethy, partner at Norton Rose Hong Kong, commented:
“We are delighted to have had the opportunity to advise on this significant acquisition for Sinopec. The transaction involves complex legal issues specific to petroleum and hydrocarbon storage terminal projects. We are proud to have an integrated cross-border team based in Hong Kong, Beijing, Dubai and Singapore with the specialist skills necessary to execute deals of this nature.”
“The success of the transaction also demonstrates Norton Rose Group’s capacities in assisting Chinese corporates on their outbound investments.”
The cross-border team involves lawyers from Norton Rose Group’s Hong Kong, Beijing, Dubai and Singapore offices. Led by partner Andrew Abernethy in Hong Kong, the team comprised Jane Clayton, Martin Preston, Ola Al-Kadi, Sally Cash and Osama Abuljebain in Dubai; Terrence Montgomery, Fang Min, Natalie Caton and Marco Lam in Hong Kong, Daniel Yong and Cai Si Xuan in Singapore and Charles Desmeules and Michael Wilton in Beijing.
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