Mourant Ozannes advises Saudi Aramco on USD10bn Islamic bond issuance

04/10/2017 13:49 AST

Mourant Ozannes has advised the Saudi Arabian Oil Company, otherwise known as Saudi Aramco, in connection with the corporate structuring of its first Sukuk Issuance Programme, for an issuance of up to SAR37.5 billion (USD10 billion) Sukuk (Islamic bonds), and its SAR11.25 billion (USD3 billion) Sukuk issuance under the Programme.

The Mourant Ozannes team, led by Partner John Rochester (pictured), and corporate Senior Associate Alex Porter, acted as offshore counsel and provided advice on the considerations of the injection of debt vs equity into a Guernsey special purpose vehicle, and the incorporation of a Saudi Arabian special purpose vehicle owned by a Guernsey company that ultimately issued the Sukuk under the Programme.

Rochester says: "Saudi Aramco is one of the biggest players in the global energy market, and we were pleased to work alongside White & Case LLP to ensure the successful completion of its first Islamic bond issuance programme. The transaction reinforces Guernsey's position as a leading jurisdiction of choice for high value international financing deals, and is a demonstration of Guernsey's leading edge in this area."

The issuance is the largest SAR sukuk issued domestically in the Kingdom of Saudi Arabia in 2017 so far.


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