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Nabil L. Khodadad
Nabil L. Khodadad
Partner — Energy Transactions & Projects
Partner — Energy Transactions & Projects

Nabil L. Khodadad

Nabil L. Khodadad
London

20 Fenchurch Street
24th Floor
London EC3M 3BY
United Kingdom

Nabil L. Khodadad

Experience Highlights

  • STAR Rafineri A.Ş. a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR) and its sponsors on the development and financing of a $6.3 billion greenfield oil refinery in Turkey on the Aegean Sea. This is the largest project financing in Turkey and involves the largest and most diverse group of ECAs for any multi-source financing in Turkey to date. The STAR project sets new benchmarks for project financings in Turkey in terms of amount and tenor of facilities. The Project won 10 awards including Infrastructure Journal’s “European Oil and Gas Deal of the Year 2014”

  • A joint venture among Korean Gas Corp (KOGAS), Lotte Chemical, STX Energy, and Uzbekneftegas, on the development of the approximately $3.9 billion Surgil gas to petrochemicals project and the Asian Development Bank, KEXIM, and KSure-led financing thereof; Project Finance International’s “Petrochemical Deal of the Year 2012”, Infrastructure Journal’s “Oil and Gas Deal of the Year 2013”, The American Lawyer’s “Global Finance Deal of the Year: Project Finance (Asia) 2014”, and the largest project financing in Central Asia

  • Uzbekistan GTL on the construction, development and financing of a $3.6 billion gas to liquids project in the Kashkadarya Region, close to Karshi, in the Republic of Uzbekistan. This project is financed by or under the cover of several export credit agencies, development banks and commercial banks, including China Development Bank, KEXIM and KSure

  • Uzbekistan GTL and Uzbekneftegas on the sale to Air Products of a natural gas-to-syngas processing facility in the Kashkadarya Region, Uzbekistan for US$1 billion. This sale is the largest M&A transaction in Uzbekistan’s history

  • Eurochem on the approximately $1 billion construction and ECA-led financing of an ammonia complex in Russia

  • SOCAR and its subsidiary SOCAR Turkey in connection with a $1.3 billion equivalent syndicated loan facility to refinance existing financial liabilities. At the time of signing the transaction represented the largest syndicated loan arrangement completed in 2021 by a non-financial company in Turkey and was “Syndicated Loan of the Year” according to Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards

  • A joint venture between SOCAR Turkey Enerji A. Ş. and a subsidiary of BP plc on the proposed development and financing of a $1.8 billion petrochemical industrial complex in Turkey on the Aegean Sea

  • SOCAR GPC on the development and multi-billion dollar financing of a gas processing plant and petrochemicals facility in Azerbaijan

  • SOCAR Turcas Petrokimya AS on a $1 billion loan facility arranged by Credit Suisse to refinance an existing acquisition loan facility and to finance the final instalment of the purchase price for Petkim Petrokimya Holding A.S.

  • Petkim Petrokimya Holding A.Ş., a leading Turkish petrochemical producer, in connection with a $300 million loan facility from J.P. Morgan Securities plc to finance the redemption of Petkim’s five-year, $500 million Eurobonds

  • Eskom on a $3.75 billion World Bank loan to finance the construction of the Medupi power plant and an associated transmission line, a wind power plant, and a solar power plant

  • SOCAR Polymer on the approximately $800 million development and  financing of facilities for the production of polypropylene and high-density polyethylene in the Republic of Azerbaijan

  • Preem Petroleum AB in connection with an approximately $3.5 billion syndicated financing arranged by Skandinaviska Enskil Banken AB and Svenska Handelsbanken AB with respect to its refineries in Sweden

  • Equinor (formerly Statoil) in connection with the proposed development and financing of the approximately $20 billion Phase 1 of the Shtokman gas, condensate, and LNG project with Gazprom and Total

  • Azerbaijan (ACG) Ltd, a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), on a $750 million loan facility arranged by BNP Paribas to finance its share of investment in the Azeri, Chirag, and deepwater Gunashli offshore oil and condensate fields; Project Finance magazine’s “European Oil and Gas Deal of the Year” for 2006

  • Nations Energy on its $1.9 billion sale of its Kazakh fields to the CITIC Group

  • SOCAR with respect to an oil transit agreement with KMG for the transit of Kzakh oil

  • SOCAR on its issuance of $500 million 5.45% Notes due 2017. The transaction marked SOCAR’s first Eurobond issuance and the first international Eurobond offering out of Azerbaijan

  • The EBRD on the $350 million financing of LuKoil’s and the State Oil Company of the Azerbaijan Republic’s investments in the Shah Deniz Gas Field and the South Caucasus Gas Pipeline

  • SOCAR Turkey Enerji A.Ş. and its shareholder SOCAR in connection with a $300 million loan facility to refinance existing financial liabilities

  • SOCAR on its entry into a $500 million bilateral loan agreement and a $300 million bilateral loan agreement for, among other things, general corporate purposes

  • SOCAR on separate $480.5 million and $300 million syndicated financings arranged by ABN AMRO, BNP Paribas and Société Générale backed by oil receivables

  • IFC in connection with its financing for the revamping, modernization, and startup of S.C. Petrotel-Lukoil’s refinery in Romania

  • A large international mining company in connection with the proposed development and financing of a multibillion dollar integrated iron ore and rail project in west Africa

  • European Goldfields, a TSX and AIM-listed company, on a proposed $600 million loan facility to be provided by Qatar Holding LLC, the investment arm of Qatar’s sovereign wealth fund, and a $150 million loan note facility to finance the development of the Skouries and Olympias gold projects in Greece

  • The EBRD in connection with an equity investment in GV Gold, a Russian mining company

  • Newmont Mining Corporation on the IFC-led financing of the Ahafo gold mining project in Ghana, the IFC’s first major mining project after its Extractive Industries Review

  • The Al Ghurair Group in connection with the sale of a key stake in Al Ghurair Iron & Steel, the first steel cold rolling and galvanizing complex in the UAE, to Nippon Steel Corporation, Japan’s largest steel maker

  • Billiton on its acquisition, together with Glencore and Anglo American, of Cerrejon Zona Norte, a Colombian company with an interest in the Cerrejon Norte Coal Deposit, for $476 million

  • Billiton on its acquisition of an equity stake in Carbones del Cerrejon, a Colombian company with rights to the Cerrejon Central and Oreganal Coal Deposits

  • Zarafshan-Newmont, a joint venture between the State Committee on Geology and Mineral Resources, Navoi Mining and Metallurgical Combinat and Newmont Mining Corporation, on the EBRD-led financing of its project to heap leach gold bearing ore stockpiled near the Muruntau Mine in Uzbekistan and subsequent refinancings of such project; this was a Project Finance International “Deal of the Year”

  • A government in connection with an investment agreement with a foreign investor for an exploration and mining project with respect to polymetallic ore

  • A European/Asian joint venture on its proposed development and financing of the approximately $1 billion Namakhvani hydroelectric project in Georgia

  • A developer in connection with a power project in Yemen

  • CDC Globeleq on the gas supply arrangements in connection with its acquisition of AES’ interest in the Songo Songo gas to electricity project in Tanzania

  • IFC in connection with the financing of the Pamir I hydroelectric electric power generation and distribution project in the Gorno-Badakhshan region of Tajikistan

  • WestPac, as sole arranger of project financing for the Carland Cross Wind Farm, the first limited recourse financing of a wind farm in the UK

  • Barclays Bank, as sole arranger of project financing for the Coal Clough Wind Farm in the UK

  • A Turkey-based petrochemical company in connection with the construction, financing, and operation of a container port on the Aegean coast of Turkey

  • The Hayal Saeed Anam Group in connection with a loan from the IFC to finance its food processing operations in Yemen

  • Capmark Financial on the sale of a portfolio of real estate loans to GE for approximately $1.8 billion

  • Jazztel plc, a competitive local exchange carrier, on a €200 million syndicated revolving credit and performance bond facility which was arranged by JP Morgan plc to finance the build-out of its network in Spain

  • Alghanim Industries of Kuwait in connection with a loan facility arranged by HSBC to finance the acquisition of Izocam from the Koc Group

  • Société Générale as arranger of financing for the acquisition of two Boeing 767s

Credentials

  • University of Chicago Law School, J.D., 1985
  • Northwestern University, B.A. with Honors, 1982
  • Chambers UK, Projects (UK–wide), 2014−2024
  • Legal 500 UK, Projects, Energy and Natural Resources: Oil & Gas, 2013, 2015, 2016, 2018, 2020–2024
  • Best Lawyers UK (BL Rankings, LLC), Energy & Natural Resources Law, 2014, 2017–2019, and 2023; Projects, 2014, 2017−2019, 2023 and 2024
  • Who’s Who Legal, Energy, 2020; Energy: Oil & Gas, 2022-2023; Project Finance, 2022-2024
  • IFLR1000, 2020–2023
  • Legal Media Group’s (Euromoney’s) Expert Guide to Energy and Natural Resource Lawyers2013, 2016, and 2017
  • Euromoney Institutional Investor PLC, IFLR1000: The Guide to the World’s Leading Financial Law Firms, Project Finance, United Kingdom, 2018
  • Chambers Global, “Expertise Based Abroad in UK” in General Business Law (Uzbekistan), 2024; Projects (UK), 2013, 2016–2024; General Business Law (Uzbekistan) “Foreign Expert Based Abroad,” 2013, 2016–2023; Energy & Natural Resources (UK), 2013, 2016, and 2017
  • Chambers UK, Energy & Natural Resources (UK–wide), 2015
  • Chambers UK, Energy & Natural Resources: Mining International (UK–wide), 2015
  • Selected to the London Super Lawyers list, Super Lawyers (Thomson Reuters)2013 and 2015
  • Chambers UK, Energy & Natural Resources (UK–wide), 2014
  • Chambers UK, Energy & Natural Resources: Mining International (UK–wide), 2014
  • Chambers UK, “Leader in their Field” – Projects (UK–wide), 2014
  • Chambers UK, “Leader in their Field” – Energy & Natural Resources: Mining: International (UK–wide), 2014
  • Ranked as one of “The Top 100” lawyers in London, London Super Lawyers (Thomson Reuters), 2013
  • Chambers UK, “Leader in their Field” – Projects, 2013
  • Chambers UK, “Leader in their Field” – Energy & Natural Resources: Mining: International,2013
  • UK Best Lawyers, nominated as a “UK Best Lawyer” (BL Rankings, LLC), Energy & Natural Resources, 2013
  • Legal Media Group’s (Euromoney’s) Expert Guide to the World’s Leading Banking, Finance and Transactional Lawyers, nominated as “The World’s Finest Lawyer Chosen by Their Peers,” 2013
  • Best Lawyers UK (BL Rankings, LLC), Projects – Energy, 2012
  • Former Member: Documentation Committee of the London Market Association (LMA)
  • Solicitor of the Senior Courts of England and Wales
  • Illinois
  • “A Star is Born in Turkey,” published in Project Finance International, July 30, 2014 (co-author)
  • “Mitigating Completion Risk in O&G Projects,” published by Project Finance International’s Global Energy Report, 2013 (co-author)
  • “Financing Refinery and Petrochemical Projects: Opportunities and Challenges,” published by The International Comparative Legal Guide toProject Finance, 2013 Edition (co-author)
  • “Surgil Paves a New Silk Road,” Project Finance International, October 31, 2012 (co-author)
  • “Recent Trends in the Financing of Oil and Gas and Mining Projects,” published by the Rocky Mountain Mineral Law Foundation’s manual of the Special Institute on International Mining and Oil and Gas, Development and Investment, Buenos Aires, April 20–22, 2009
  • “The Project Financing of the Ahafo Gold Project, Ghana,” Financing Global Mining: The Complete Picture, a report published by Project Finance International and Thomsons, March 2007 (co-author)
  • During the last five years, Nabil has given presentations on the financing of oil and gas, pipeline, and mining projects at eight conferences