Ferrere assists in Shell’s $1.2bn financing for Julnek

Ferrere has assisted in the structuring of the financing granted by Shell Western Supply and Trading Limited (Shell) to Julnek (Uruguayan company of Grupo Cobra) for up to USD $1,200,000,000. The financing will be fully participated by Banco Santander.

Thanks to this financing, Grupo Cobra will be able to use the funds to acquire eleven onshore concessions in Brazil from Petróleo Brasileiro (Petrobras), and take control of the Carmópolis cluster, which comprises a package of assets in the Sergipe-Alagoas basin.

The financing was provided as a prepayment of the quantities of oil to be delivered by Julnek to Shell under an oil sales and marketing agreement between the two parties.

The consultancy involved the structuring of the financing and the provision of local guarantees on all documents relating to the closing of the transaction.

Two Ferrere teams were involved in the transaction: lawyers Federico Lemos Lorenzo (pictured left) and Carolina Piacenza Araujo advised Grupo Cobra; and partner Diego Rodriguez (pictured right) and lawyer Lucía Rosso advised Shell and Santander.