Shearman & Sterling has announced that Tim Pick will succeed Nick Buckworth as head of the firm's project development and finance group serving Europe, the Middle East, Asia and Africa. Mr. Buckworth becomes the new managing partner of the firm’s London office, replacing Anthony Ward, who has been appointed to the firm's four-member global executive group. All will continue to be heavily involved in client work.
Mr. Pick practices primarily in the oil and gas, power and water sectors. He has significant experience advising on IPP/IWPP projects and natural gas-based projects and transactions. He is leading the team advising Citadel Capital and Egyptian Refining Company on the development and financing of a $3 billion hydro-cracker project at Mostorod, Egypt. The deal was named African oil & gas deal of the year (downstream) 2010 by Project Finance magazine and is the largest project financing in Africa to date. Mr. Pick joined the firm in 2000 as an associate and spent six years in Shearman & Sterling's Abu Dhabi office.
Mr. Buckworth joined Shearman & Sterling in 1996 as a partner. He is ranked as one of the leading individuals for projects in the London market (Chambers Guide to the UK Legal Profession) and as one of Legal 500's "highly recommended" lawyers in the project finance market. He is the lead partner advising Dow Chemical on what has been described as "the largest industrial project in history"—the more than $20 billion Ras Tanura Integrated Refining and Petrochemical project in Saudi Arabia. Mr. Buckworth is also jointly responsible for coordinating and developing further the firm's Middle East and North Africa practices.
Shearman & Sterling's projects team continues to be recognized for its market-leading work around the world, including:
- $430 Million Loan for Tamar Gas Exploration and Development, Israel
Middle East Oil & Gas Deal Of The Year 2010 —Project Finance International
- Nuevo Pemex Cogeneration Project, Mexico
Latin America Power Deal Of The Year 2010 —Project Finance
- San Jacinto-Tizate Geothermal Project 1 & 11, Guatemala
Latin America Geothermal Deal Of The Year 2010 —Project Finance
The group has had an additional boost recently with the joining last month of highly regarded project finance partner Christophe Asselineau, who further strengthens the group's mining, energy and infrastructure practices in Africa's emerging markets.