The S$240 million (US$145 million) Horizon Singapore Terminals Private Limited project financing has been named "Asia Pacific Oil and Gas Deal of the Year" by Project Finance International 2005.  Singapore PDF partner Bill McCormack led the team, comprising counsel Alex Regan, associates David Cruickshank, and Scott Baggett, advising the lenders in connection with the financing for the construction of the oil terminal on city state's Jurong Island.

The total project cost is S$343 million (US$207 million) in value, and the project comprises petroleum product tanks with total capacity of around 840,000 cubic meters.  The development will also involve the construction of four jetties to cater to simultaneous loading or unloading for up to seven ships.  Construction had commenced in April this year and is expected to complete before the end of 2006.

This is the first project financing for Emirates National Oil Company ("ENOC") in Asia and the first project financing deal in the region for several other HSTPL shareholders, which include Independent Petroleum Group, SK Energy Asia, Martank and Boreh International.  The transaction is significant as it is an oil terminal project financing and most terminal projects are financed on a corporate basis.

The 12-year term project loan was lead arranged by the Hongkong & Shanghai Banking Corporation ("HSBC").  In addition to HSBC, the 11 other banks in the syndicate are BoTM, Credit Industrial et Commercial, OCBC, UOB, HVB, DZ Bank, Fortis, KBC, Natexis, NordLB and BNP Paribas.