Law360 Quotes Robert Aulsebrook on LUKOIL Bulgarian Financing
In its article “Lukoil Secures €420M For Bulgarian Refinery Upgrades,” Law360 quoted Akin Gump international finance co-head Robert Aulsebrook on a deal that gave the Russian oil company’s Bulgarian unit €420 million in financing from several European banks to upgrade its oil refinery in Burgas, Bulgaria. Aulsebrook co-led the team advising LUKOIL with Moscow corporate partner Natalia Baratiants.
The deal is one of the largest financings to a private company operating in the fuel and energy sector in Bulgaria. Aulsebrook noted, “It’s a significant investment in the Bulgarian economy, which is one of the poorer EU economies and Lukoil’s investment in Bulgaria was prior to its accession into the EU. Given what has been the poor state of balance sheets of banks in general, it certainly was an important indication that some of these banks are willing to lend large amounts of money for projects they feel are worthwhile.”
Law360 reports that the construction phase for the heavy-residue hydrocracking complex is set for completion in early 2015. Aulsebrook said, “It’s massively important to the Bulgarian economy in terms of tax revenue and in terms of jobs. Just the construction phase alone will create 3,000 jobs over the next three years.”