Dow is one of the four sponsors in the project, the others being National Industrialization Company (Tasnee), Sahara Petrochemicals Company (Sahara), and Evonik Industries AG (Evonik). Baker & McKenzie also fielded a separate team to advise Evonik on the project, with appropriate ethics screen arrangements in place.
The SAMCO joint venture (formed by Dow, Tasnee and Sahara) will construct and operate the first acrylic monomer production plant in the region. SAMCO will produce and sell up to 70,000 tonnes per annum of glacial acrylic acid to SAPCO and up to 160,000 tonnes per annum of butyl acrylate to SAAC and a Dow offtaker. Acrylates are intermediate products with many uses including production of super absorbent polymers, paints and coatings. The plant is scheduled to begin production in 2013.
The Baker & McKenzie team was led by Charles Hallab, partner in the Chicago office, who also advised on project documents. Charles was assisted by associate Mohamed Barakat also in Chicago. Gordon Prestige partner in the Bahrain office advised on the financing side and was assisted by Bilal Rana in the Riyadh office.
The project companies were represented by Linklaters and the financiers were represented by Clifford Chance.
The IPFA would like to thank CPI Financial for their kind permission to use this article. For further information, please visit http://www.cpifinancial.net/news/post/14480/baker-mckenzie-advises-dow-chemical-company-on-1-4-billion-project-financing
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