Hong Kong, March 7, 2008—The Fujian Refining & Ethylene Joint Venture Project (FREP) has been named “Project Finance Deal of the Year 2008” in the IFLR Asia Awards. Shearman & Sterling advised the lenders, comprised of 11 major PRC banks plus Sinopec Finance Company, on the US$4.5 billion financing for this expansion of an existing refinery in Fujian province, China.

The FREP financing is a landmark deal in terms of size and innovation, being the first integrated refinery and petrochemicals project involving a Sino-foreign joint venture, and the largest project financing for a Sino-foreign joint venture in China to date. The IFLR is a leading international publication for in-house counsel and practitioners in the financial markets.

Commenting on the award, Andrew Ruff, Project Finance partner at Shearman & Sterling in Shanghai, said “Our Project Development & Finance team has had an outstanding year and the FREP project is an excellent example of the work we are typically doing in China—large scale, complex projects in key industry sectors.”

Andrew Ruff (SH-PDF) led the Shearman & Sterling team, working with associates Nick Wang (HK-PDF) and Miao Miao and Crystal Chen (SH-PDF).

For additional information contact:
Caroline Watts | Hong Kong | +852 2978 8068 |