Allen & Overy has advised the lenders on the development and project financing of the Coral South Floating LNG (FLNG) project in Mozambique. The USD5 billion deal is the first project financing for an FLNG development anywhere in the world, Mozambique's first LNG project, and Africa's largest ever project financing.

Commenting on the project, Dubai-based partner Ian Ingram-Johnson said: "It has been a privilege to assist with delivering this mega project involving so many parties in such a short timeframe. Credit is due to the sponsors, ECAs and lenders all working collaboratively to help Mozambique monetize its massive gas discoveries. With lawyers involved from 10 Allen & Overy offices across Asia-Pacific, the Middle East, Africa, North America and Europe we were able to once again leverage our expertise firm-wide for the benefit of our clients".

Tokyo-based partner Scott Neilson added: "As the world's first project financing of an FLNG unit, this was a pioneering first-of-its-kind project, in terms of both sheer size and innovation. We are proud to have been involved in this landmark transaction , which represents a first not just for Africa but globally."

The Coral FLNG project is sponsored by Eni, CNPC, ENH, GALP and KOGAS. It was the first project to be approved and granted an Environmental License in the Rovuma basin and the financing was signed on 31 May.

The lenders advised by A&O include Bank of China, Bpifrance Assurance Export SAS, China Development Bank, The Export-Import Bank of China, Industrial and Commercial Bank of China Ltd, The Export-Import Bank of Korea, Korea Trade Insurance Corporate, Servizi Assicurativi del Commercio Estero, China Export & Credit Insurance Corporation (SINOSURE) and 17 commercial banks.

The Allen & Overy team was led by Ian Ingram-Johnson from Dubai and Scott Neilson from Tokyo with support from:

* Seoul - Jean Lee, Partner; David Rho, Associate; Hannah Kim, Legal Assistant
* Tokyo - Kristian Bradshaw, Counsel; Xue Wang & Hitomi Komachi, Senior Associates; Andrew Duncalf & Jiran Liu Associates;
* London - David Smith, Lorraine Bayliss, Matthew Townsend, Partners; Linda Roxburgh & Megan Chen, Senior Associates, Iyesogie Igiehon, Associate; Hattie Hughes, Peerpoint Consultant
* Dubai - Goncalo Noronha Andrade, Senior Associate; Filipa Serra, Ian Convey, Associates;
* Perth - Goran Galic & Anna Lee, Counsel
* Singapore - Chris Bishop, Senior Associate; Jessica Lee, Associate