Clifford Chance Represented Arranger of $611 Million Financing for Türkiye’s Largest Natural Gas Discovery
Clifford Chance Represented Arranger of $611 Million Financing for Türkiye’s Largest Natural Gas Discovery
Clifford Chance advised the arranger of two facilities covered by international export credit agencies (ECAs) to Türkiye Petrolleri A.O. (TPAO) for Phase 1 of the Sakarya Offshore Gas Field Development Project. The project is Türkiye’s largest natural gas discovery to date, located 175 kilometres from the coast in the ultra-deep waters of the Western Black Sea.
The financing for Phase 1 of the Sakarya Offshore Gas Field Development Project was arranged by Citibank, N.A. with a total loan amount of approximately $611 million. The financing benefits from a sovereign guarantee from the Republic of Türkiye Ministry of Treasury and Finance.
The Clifford Chance team that advised the arranger of the financing for Phase 1 of the Sakarya Offshore Gas Field Development Project was led by partners Leonard Cleland and Sait Eryılmaz. The team also included 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.
