International law firm Ince & Co LLP has provided cross-border legal advice to longstanding client GasLog Ltd. (“GasLog”), an international owner, operator and manager of liquefied natural gas (“LNG”) carriers, on a sale and purchase agreement (“SPA”) to acquire a twenty percent shareholding in Gastrade S.A. Gastrade is licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece. The system utilises a floating storage and regasification unit (“FSRU”), along with other fixed infrastructure. Closing of the SPA acquisition is subject to the satisfaction of certain closing conditions set out in the transaction documents.
The project will provide a new route and a vital source of gas diversification to a number of European countries that are currently highly dependent on pipeline gas in South East and Central Europe. As well as enhancing security of supply in the region, it will promote competition and pricing flexibility. The project has the backing of the Greek and the Bulgarian Governments as well as the support of the EU.
Jonathan Goldfarb, who heads Ince & Co’s LNG team, and Mona Patel, a partner in Ince & Co’s corporate practice, led the Ince & Co team advising GasLog, which also comprised Ince & Co’s Global Head of Corporate, Stephen Jarvis and corporate associate Sam Batchelor. A.S. Papadimitriou in Athens provided the Greek law advice to GasLog.
Jonathan Goldfarb commented:
“We have developed a deep understanding of FSRU projects, having advised on some of the sector’s most landmark deals in recent years. GasLog is a longstanding client of our firm, so we were pleased to have been able to provide them with assistance on this strategically important project.”
Mona Patel added:
“Our corporate practice continues to be particularly active in the shipping and offshore sector, having recently worked on a number of the most prominent deals in the industry.”
Gastrade was advised by Norton Rose Fulbright.
About Ince & Co
Ince & Co is an international commercial law firm. The majority of our work is for organisations in the following sectors: aviation, energy, insurance, international trade, shipping and yachts. Our clients own, build, sell and purchase, manage, finance, invest in, lease or insure the high value assets that play a fundamental part in today’s competitive global markets.