Cristián Araya, ex Gerente Legal de GNL Quintero se incorpora a Bahamondez, Álvarez & Zegers

20 March, 2000

El abogado Cristián Araya, vendrá a apoyarnos en las áreas de Energía, Derecho Regulatorio y contratos EPC. Cristián Araya, de 43 años, se sumó al equipo BAZ el día 11 de junio pasado, después de siete años a cargo de los asuntos jurídicos del proyecto GNL Quintero, la primera terminal de regasificación de GNL en el hemisferio sur, un joint venture entre BG, ENAP, Endesa y Metrogas. Cristían Araya es abogado de la Pontificia Universidad Católica de Chile, y obtuvo un LLM en el “London School of Economics”. Anteriormente también ejerció como abogado en Alcaíno Abogados y fue Asesor Jurídico Jefe de la Compañía Sudamericana de Vapores y Gasoducto del Pacífico, tras varios años como abogado en el equipo del Holding de energía de Gener. En 2003, la prestigiosa revista Latin Lawyer distinguió a Cristián Araya como parte de los mejores 20 abogados sub 40 en el país. En su nuevo cargo, Cristián Araya será responsable de incrementar la presencia de BAZ en temas de Energía, Derecho Regulatorio y contratos EPC, y apoyar en otras áreas de práctica dada su gran experiencia en contratos y temas financieros, particularmente en operaciones “cross-border” y desarrollo de proyectos. Cristián Araya señaló que decidió incorporarse a BAZ debido a su “fuerte presencia local”, “su manera de trabajar orientada a la asesoría personalizada con los clientes” y ” por ser una oficina con un gran potencial de crecimiento”. “Mi experiencia como abogado y como fiscal de grandes compañías y el haber abarcado diversos ambitos legales durante mi carrera, me permitirán hacer una buena contribución a BAZ”, añade. Desafíos anteriores de Cristián Araya incluyen asesorías legales en desarrollos de proyectos como GasAndes, e InterAndes; asesoría a los vendedores en el proceso de adquisición del Banco de Chile por el Grupo Luksic; asesoría a LAN en negociaciones financieras con la Boeing y Airbus; asesorías exitosas en procesos de arbitraje internacional en NY; y asesorías directas en numerosas transacciones de M&A y negociaciones financieras, como GNL Quintero y el programa de adquisición de buques en el “joint venture” entre CSVA y el gigante alemán Grupo Döhle. El socio de Bahamondez, Álvarez & Zegers, Felipe Bahamondez, señaló que la incorporación de Cristián Araya es “una gran noticia” para la firma y el “complemento perfecto” para las capacidades transaccionales de la oficina en Chile y la Región: “Podemos ser proporcionalmente más pequeños que algunos de nuestros competidores, pero siempre hemos estado por sobre nuestro peso en la complejidad y escala de los proyectos que asesoramos”, señala. “Una de las cosas que queremos, es ampliar el marco del grupo para demostrar al mercado que nuestro crecimiento a través de los años refleja la fuerza y la rigurosidad de los profesionales de BAZ”. Lea aquí el artículo publicado por “Latin Lawyer” acerca de la incorporación de Cristían Araya: “Bahamondez, Álvarez & Zegers adds energy GC as partner”

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Latin Lawyer: “Bahamondez, Sherman y Guerrero participaron en la expansión de GNL Quintero”

20 March, 2000

“Bahamondez, Shearman and Guerrero help GNL Quintero to expand” Latin Lawyer, by Joe Rowley Bahamondez, Alvarez & Zegers has helped GNL Quintero redraft a previous project financing agreement to expand facilities at its regasification terminal in Chile, as the falling price of gas and stricter emissions targets has led to increased demand in the country. Taking 10 months to negotiate, the complex deal required legal counsel to amend contracts relating to an original US$1.1 billion project financing obtained in 2008 and earmarked for the development of the terminal. The latest deal closed on 25 July. Guerrero, Olivos, Novoa y Errázuriz Abogados in Chile and Shearman & Sterling LLP advised the lenders, having assisted in the original loan. GNL Quintero, a joint venture between ENAP, Endesa, Metrogas and until recently BG Group (the company is now selling its stake in the project), turned to Bahamondez Alvarez to advise on the expansion of the terminal and truck loading facilities, whose capacity is set to increase by some 50 per cent. “This project has been the result of the energy demand and how the markets have evolved since seven years ago when we first started to develop the project,” explains Bahamondez Alvarez partner Cristián Araya. “Now, due to environmental reasons and the falling price due to the discovery of shale gas in the US, everyone is looking at the market as an attractive one.” Three years ago, GNL Quintero relied on Larraín y Asociados to gain approval from its lenders – Banco Santander, Banco Español de Crédito, WestLB, Fortis (since merged with BNP Paribas), ING Capital, BBVA, Calyon, Mizuho, Intesa Sanpaolo and BG Group – for the addition of a truck loading facility to the LNG terminal. For Guerrero Olivos associate Macarena Ravinet, BG selling its stake in the project added a further complication because the documents had to be redrafted to reflect the fact that there would be a new gas-buyer. Carey is advising BG on the divestment. Upon completion, the terminal will see its capacity increase from 358,900 to 538,350 MMBtu per day. Counsel to GNL Quintero Bahamondez, Alvarez & Zegers Ltda. Partner Cristián Araya and associates José Tomás Ureta and Nicolás Vial Counsel to the lenders Shearman & Sterling LLP Partner Cynthia Urda Kassis and associate Christopher Dolan Guerrero, Olivos, Novoa y Errázuriz Partner Roberto Guerrero and associate Macarena Ravinet

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Latin Lawyer: “Oman Oil entra a Chile, mientras que el Grupo BG deja el proyecto GNL Quintero”

20 March, 2000

Oman Oil enters Chile as BG exits GNL Quintero project Thursday, 19 September 2013, by Joe Rowley Chile’s Claro y Cía and Spain’s Gómez-Acebo & Pombo Abogados have helped Oman’s government-controlled oil investment company enter Chile as it teams up with Spanish energy company Enagás to acquire BG Group’s remaining stake in regasification terminal GNL Quintero. Terminal de Valparaíso, the joint venture vehicle used by the pair to make the acquisition, paid US$176 million for the remaining 20 per cent stake held by the British oil and gas company; in a move that also signals the exit of BG from the country, although it will maintain various gas supply agreements. Chile’s Carey and the London office of Herbert Smith Freehills LLP advised BG, while GNL Quintero relied on Chilean firm Bahamondez, Alvarez y Zegers for the preparation and review of documents and the shareholding registry in the company. Due to the joint venture being structured under Spanish law, Enagás also drew counsel from the Madrid office of Bird & Bird LLP. Closing on 4 September, the acquisition comes a year after Enagás purchased BG’s other 20 per cent in the project, after the British oil and gas company announced plans to divest its entire stake to focus its resources on upstream gas production. BG entered the GNL Quintero project in 2006, winning a competitive tender to build and supply the 2.5 million tonnes per annum regasification plant. The remaining 60 per cent is divided equally between Chilean gas distributor Metrogas, state-owned energy company ENAP and Spain’s largest electricity utility, Endesa. Project financing was provided by 17 financial institutions drawn from around the world, which turned toShearman & Sterling LLP and Chile’s Guerrero, Olivos, Novoa y Errázuriz. Shortly after obtaining the stake, however, BG unexpectedly found itself having to adopt a second role as a pari passu, or equal-step, lender, after the collapse of Lehman Brothers in the US in 2008 rocked the international markets and severely curtailed available funding for the project. With BG’s ultimate aim being to exit the Quintero in order to focus on upstream production, Shearman & Sterling partner Cynthia Urda Kassis explains that the financing agreement also had to be structured to allow for a clean exit. “Our role was to determine what, if any, lender consents were required to permit the sale by BG,” she explains. Alongside the sale of BG’s first tranche in 2012, a parallel deal saw the company sell its loan portfolio on the international market to several financial institutions and bring to an end its role as pari passu lender. While lawyers note that the divestment of the first half of BG’s stake proved relatively straightforward, the sale of the remaining 20 per cent would prove more complex as rules contained within the shareholder agreement meant that any divestment by any shareholder of over 50 per cent of its stake would have to be approved by the other shareholders and lending banks in the project. This situation was given added complexity by two factors. The first was that the shareholder agreement also contained rules restricting any sale to companies of a certain investment grade, which created problems in light of Enagás’ downgrade […]

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