Shearman & Sterling's Singapore office advised the lenders in connection with a S$240 million (US$145 million) project financing for Horizon Singapore Terminals Private Ltd.'s ("HSTPL") construction of an oil terminal on Jurong Island in Singapore.  The total project cost is S$343 million (US$207 million).  The development involves the construction of four jetties, which will accommodate the simultaneous loading or unloading of up to seven ships.

This is the first project financing for Emirates National Oil Co. ("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 Corp. ("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.