Martin Stewart-Smith has 30 years of experience in a wide range of energy transactions, ranging from upstream oil and gas developments to liquefied natural gas (LNG) project financings and downstream gas commercialisation. He has worked on private to private acquisitions and disposals in the oil and gas, conventional electric power generation, renewables, and energy services sector. Martin also represents developers, sponsors, lenders and multilateral financing institutions on a variety of gas to power projects in jurisdictions around the world, including in the United States, Africa, Middle East, Asia, and United Kingdom. He has advised host governments and corporate clients on privatization transactions in the energy sector, including sector law reform, independent power producers (IPPs), and electricity transmission and distribution projects. He has also advised a number of governments on institutional, legal and regulatory reform in the process of market liberalization. Martin's experience is particularly strong in Africa, having served as counsel in energy projects in Algeria, Angola, Côte d’Ivoire, Egypt, Ghana, Mozambique, Nigeria, Tanzania, Uganda, South Africa and Zambia.
Recent Notable Matters
Hellenic Republic Asset Development Fund (HRADF) — Joint sale (with Pan European Oil and Industrial Holdings SA) of 50.1 percent of the shares of Hellenic Petroleum SA, Greece’s largest oil refiner with a market capitalisation in excess of €2.33 billion. The transaction is expected to be Greece’s largest privatisation so far.
Eni S.p.A. — sale of interests in Egypt’s super-giant Zohr field to Rosneft for $1.125 billion and BP for $375 million
Ophir Energy plc — $2 billion floating LNG project offshore Equatorial Guinea, including host government arrangements, LNG sales agreements, chartering agreements, joint venture arrangements, project financing, and construction
International energy company — advised in relation to participation in both unitized and non-straddling natural gas discoveries in a very substantial block in the Rovuma basin offshore northern Mozambique and the associated onshore LNG liquefaction project and FLNG
Sonatrach Gas Marketing UK Ltd — advised the Algerian national oil company since 2003 (ongoing) on the development and successful implementation of Phase 1 and then Phase 2 of the Isle of Grain LNG import terminal in Kent, England; involved negotiation of Terminal Use Agreements, Joint Shippers Agreement, secondary capacity access mechanism, heat pipe integration project with adjacent gas fired power station, retrofitting of gaseous nitrogen plant for N2 ballasting on a BOT basis, as well as advising on the establishment of Sonatrach Gas Marketing UK Limited for the purposes of downstream gas commercialization into the northwestern European markets
Gate Terminal BV — advised a joint venture between Royal Vopak (Dutch operator of some 84 oil products terminals around the world) and GasUnie, the Dutch state-owned gas company on the successful development, construction and project financing of the Gate terminal in Rotterdam; this is a major LNG import terminal in northwest Europe; developed and negotiated all the Throughput Agreements (long term) with the customers that closed in December 2007; terminal commenced commercial operations in September 2011
Centrica — advised on the potential acquisition of on substantial portfolio of distributed generators around various parts of the U.K., involving extensive due diligence and evaluation of PPAs, Triad Benefit sharing arrangements, new capacity contracts, Short Term Operating Reserve and FAST Reserve
An infrastructure fund — advised on the acquisition and financing of a Round 1 Solar PV Project in Jordan
Sponsors — advised on the project financing of a Round 1 Solar PV project in Jordan involving EBRD and OPIC as senior lenders
A consortium of financial infrastructure funds led by Macquarie Infrastructure and Real Assets Europe (MIRAEL) — advised in relation to the acquisition of the 500 MW Baglan Bay Power Station, which includes GE’s most advanced gas turbine, the GE-9H series
Cheung Kong Infrastructure Holdings and Hong Kong Electric International — advised on the successful bid and acquisition of BG Group’s interests in the 1,145 MW combined cycle Seabank Power Station near Bristol, England