BLP advises Gateway on sale of 20% stake in the Gateway Gas Storage project to Petrofac
Berwin Leighton Paisner (BLP) has recently advised Gateway Storage Company Limited on the sale of a 20 percent stake in the Gateway Gas Storage project to Oil & Gas facilities company Petrofac Energy Developments. This is a further significant deal where BLP has advised Gateway.
When built, Gateway Storage will be one of the UK’s largest salt cavern storage facilities and will add nearly 30 per cent to the current gas storage capacity in the UK market. It secured the UK Department of Energy & Climate Change’s first ever Storage Licence in February after obtaining the main planning and environmental consents and permits in late 2008.
“This transaction represents another major step in Gateway being in a position to increase significantly the UK’s gas storage capacity. This is a fundamental part of the UK’s strategy to meet future energy demand as indigenous sources of oil and gas decline. BLP’s activities in this and related areas such as STOR (Short Term Operating Reserve) put BLP at the forefront of this vital energy initiative for the United Kingdom” says client relationship partner Mark Saunders, Head of BLP’s Energy Group.
The transaction was led by energy and projects senior associate Jordan Phillips and was supported by Nathan Buckley and Harry Blathwayt.
This comes at the end of a very successful year for BLP’s energy practice, including the successful completion of the simultaneous procurement of two gas fired power stations for the Omani government (Sohar II and Barka III) and the completion of Hellenic Petroleum’s acquisition of BP’s ground fuels business in Greece.
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