Allen Overy Shearman Sterling and its Turkish affiliate law firm Gedik & Eraksoy have advised the lenders and a cover provider on the USD 1.15 billion project financing of a greenfield polypropylene production facility in Turkiye’s Adana Province.
According to A&O Shearman, the financing supports the development, construction, commissioning, operation, and maintenance of the plant, which is a joint venture between Roenesans Holding and Sonatrach Petroleum Investment Corporation, a subsidiary of Algeria’s national oil and gas company. Designed to produce 472,500 metric tons of homo-polypropylene annually, the facility will feature propane dehydrogenation and polypropylene units, along with associated utilities. Notably, it will run on 100% renewable electricity and internally generated hydrogen, enabling a 72% reduction in CO2 emissions compared to traditional production methods.
The A&O Shearman team was led by London-based Partner Lorraine Bayliss.
The Gedik & Eraksoy team included Partner Umut Gurgey, Senior Associate Dilsah Gurses, and Associate Melis Yilmaz.
A&O Shearman did not respond to our inquiry on the matter.
Editor's Note: After this article was published, CEE Legal Matters learned that Cakmak and Linklaters advised Roenesans Holding and Sonatrach Petroleum Investment Corporation.
The Cakmak team included Partner Mustafa Durakoglu, Counsels Nazli Basak Ayik and Asli Pabuccuoglu, and Associate Elsu Doga Incesu.
The Linklaters team included lawyers in London and Abu Dhabi.