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NRF acts for PNG Govt
The Sydney office of Norton Rose Fulbright acted for the PNG government on a deal worth over $1.2 billion.
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Deal: PNG Government subscribes to just under 150 million shares worth $1.24 billion in Oil Search Limited, with financing provided by UBS AG
Value: $1.24 billion
Area: Capital markets
Key Players: The NRF team was led by partners Anthony Latimer (pictured), Iain Laughland and Tessa Hoser. Special counsel Vittorio Casamento, senior associate Steven Moe, associate Jenida Satem and lawyer Olivia Allan also assisted
Deal Significance: The PNG Government has purchased the shares as its seeks to develop the PNG LNG project, the aim of which is to produce almost seven million tonnes of liquefied natural gas to export around the globe. “The Government looks forward to working with Oil Search, its joint venture partners and other resource owners to develop all PNG hydrocarbon resources in the earliest practical timeframe,” Prime Minister Peter O’Neill told the Islands Business publication. The ABC has also reported that the project is expected to deliver its first gas by mid-year, with economic growth expected to grow by 20 per cent in 2015 if that eventuates.
