New York, July 7, 2008—Shearman & Sterling represented the mandated lead arrangers in connection with the execution of a Credit Agreement in respect of a US$1.110 billion credit facility in the historic project financing for GNL Quintero S.A. The lead arrangers included Banco Bilbao Vizcaya Argentaria, S.A., Banco Español de Crédito S.A., Banco Santander S.A., New York Branch, Calyon, New York Branch, Fortis Bank S.A./N.V., New York Branch, ING Capital LLC, Intesa Sanpaolo S.P.A., Mizuho Corporate Bank, Ltd. and WestLB AG, New York Branch.

GNL Quintero S.A. is a project company that is building, and will own and operate, a receiving, storage and regasification terminal for liquefied natural gas in central Chile—the first terminal of its kind to be built in the southern hemisphere. The terminal is located in Quintero Bay, located northwest of Santiago, and will have an overall annual supply capacity of 2.5 million metric tonnes of LNG. The project should enter full commercial operations in August 2010 and is expected to help Chile to break its dependence on unreliable supplies of fuel from Argentina.

The principal attorneys in the transaction are New York-based partners Cynthia Urda Kassis (Project Development & Finance), Azam Aziz (Asset Management) and Howard Steinberg (Project Development & Finance), counsel Jason Pratt (Property-Environmental), and associates Abigail Berry (Finance), Michelle Crutchfield (Asset Management), Marcia Dawes (Finance), Richard Fischetti (Asset Management), Joanna Leung (Finance), Juan Cristobal Pellegrini (Capital Markets ), Bridget Rutherford (Executive Compensation & Employee Benefits ), Romica Singh (Executive Compensation & Employee Benefits), Bradley Thompson (Tax) and Barbara Zylberg (Finance).

For additional information contact:
Ron Brandsdorfer | New York | T +1.212.848.5081 |