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International law firm Hogan Lovells Lee & Lee says it has advised the mandated lead arrangers on the 'successful project financing' of the Fujairah Oil Terminal in the Middle East.

The complex loan, security and swap package for US$251,860,000 was arranged by Crédit Agricole Corporate and Investment Bank, First Gulf Bank PJSC, Maybank Investment Bank Berhad, National Bank of Fujairah PSC, Natixis, Dubai Branch and The Bank of Tokyo-Mitsubishi UFJ, Ltd, Dubai Branch regulated by DFSA. .

The borrower is a special purpose company set up in the Fujairah Free Zone having key long-term storage contracts with Concord Energy Pte Ltd of Singapore and Sinomart KTS Development Limited of Hong Kong, a subsidiary of Sinopec Kantons Holdings Limited.

Built in accordance with international standards, the crude oil and petroleum product storage terminal has an estimated capacity of 1.155 million cubic metres to store crude, fuel oil, gasoil, gasoline and jet fuel..

The Fujairah Oil Terminal is expected to commence operations in 2014..

The Hogan Lovells team was led by James Harris, Singapore Office Managing Partner, with a team from the offices in Singapore, Dubai, Hong Kong, London and Washington, D.C..

Commenting on the transaction, Harris said: "This project financing is very significant in the current market, and we are pleased to have worked alongside the mandated lead arrangers and the sponsors to help achieve a successful financial close for this project."