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Ursula Owczarkowski
Of Counsel
London +44 20 7067 2021 uowczarkowski@cov.com Download V-card

Ursula Owczarkowski is vice chair of the International Project Development and Finance Practice Group. She has represented various energy clients, government and parastatal entities, and lenders in the development, acquisition, financing and restructuring of projects with a particular emphasis on projects in Africa.

Project Finance

  • Advised the lenders on the €1.23 billion privatization of 14 regionals airports in Greece.
  • Advised the project company on all aspects of the project and project financing of a 120 MW hydropower plant on the Kafue River in Zambia.
  • Advised the project company on all aspects of the project and project financing of an 800 MW combined-cycle gas turbine power plant in Namibia.
  • Advised the sponsor on all aspects of the project and the project financing of a proposed 250 MW power plant in Namibia.
  • Advised the sponsor in connection with the development of the U.S. $12 billion Trans-Anatolian Pipeline, a major gas pipeline for the transport of gas from the Shah Deniz gas field in Azerbaijan to the European market.
  • Advised an oil company in respect of its proposed project to construct storage terminals in the Olokola Free Trade Zone in Nigeria. Advising on all aspects of the project, including land issues, requisite licences, structuring the project, shareholding arrangements and financing the project.
  • Advised the Government of Rwanda in the development of model project agreements for use in the Rwandan energy sector.
  • Advised an international oil company in respect of its proposed construction of storage terminals, pipelines and an offshore mooring point in the Lekki Free Trade Zone in Nigeria.
  • Acted for the arranger in respect of the proposed U.S. $300 million financing of a solar panel production plant. Negotiated the contract for the supply of the plant and the offtake contracts for the purchase of solar panels. Advised in relation to the project structure and financing structure, negotiating the construction contract and reviewing the insurance arrangements.

Finance

  • Advised the Morgan Stanley led consortium providing interim supply to the Petroplus Coryton refinery whilst in administration. This deal was awarded Deal of the Year at the Energy Risk Awards 2013 and Commodity Deal of the Year, 2012 at the Commodity Business Awards.
  • Advised the lenders in respect of the financing of Tigo, a mobile telecoms operator in Tanzania.
  • Advised the borrower in relation to an IFC-backed borrowing base financing (in excess of U.S. $300 million) of petroleum cargos and product-in-tank in Mauritania. Awarded "Deal of the Year - 2012" by Trade Finance Magazine and "Deal of the Year 2012" by Trade and Forfaiting Review.
  • Advised the Mandated Lead Arranger in respect of a U.S. $150 million financing of oil and gas assets in Indonesia and Thailand. This involved a legal due diligence exercise in respect of the proposed assets to be acquired, preparing and negotiating facility agreements and English law security and liaising with Dutch, Cayman, BVI, Indonesian and Thai counsel in relation to due diligence and the taking of security.
  • Advised a Nigerian bank in respect of a revolving collaterally managed stock finance facility.   
  • Acted for a South African bank as Arranger in respect of the U.S. $35 million financing of an oil exploration company.
  • Advised an international bank in respect of a U.S. $50 million cross-border trade finance facility agreement, involving the taking of security in Tanzania, Kenya, Zambia, Mozambique and the UAE.   
  • Advised a South African bank in relation to a revolving warehouse facility (and accompanying security) for the purpose of the procurement of agricultural commodities from South Africa, Tanzania, Mozambique, Malawi, and Zambia.   
  • Acted for a group of lenders in the restructuring of an oil products banking facility and, ultimately, the enforcement of security in Tanzania, along with other African jurisdictions.   

Oil and Gas

  • Advised Oando plc on its $1.65 billion agreement to acquire four ConocoPhillips subsidiaries which hold its entire upstream position in Nigeria along with its shareholding in the Brass LNG project.   
  • Advised a company providing engineering and management services to the oil industry in respect of its proposed investment in Angola.
  • Advised Puma Energy in respect of its U.S. $300 million purchase of BP's downstream oil businesses in Southern and East Africa (including Botswana, Malawi, Namibia, Tanzania and Zambia). The target companies included retail stations, wholesale and industrial petroleum product supply, aviation refueling and the supply and marketing of petroleum products.   
  • Advised Valero Energy in respect of its U.S. $1.7 billion purchase of Chevron's Pembroke refinery in Wales, UK, as well as extensive marketing and logistics assets throughout the United Kingdom and Ireland.
  • Advised the trading arm of an international bank in relation to its aviation fuel supply contracts.
  • Acted for a consortium in the negotiation of a contract for the provision of a mobile drilling rig and services offshore Israel.
  • Advised Puma Energy in respect of its purchase of Chevron Namibia.
  • Advised an international oil company in respect of its proposed sale of LPG businesses in Southern Africa.
  • Advised an international oil company in respect of its proposed purchase of an LPG business in Benin.
  • Advised the sponsors in respect of an oil tank farm project in Mozambique.    
  • Advised an international oil company in relation to its shareholding in a joint venture company established to construct and operate storage facilities in Mozambique.
  • Advised an international oil trading company in relation to its shareholding in a joint venture company to be established to construct and operate storage facilities in Luanda, Angola.
  • Advised an international oil company in relation to its shareholders agreements in three Angolan operating companies.
  • Prepared storage and services agreements for an international oil company in relation to the provision of storage services and the supervision of deliveries of product from the storage terminal to power barges in Angola.
  • Advised an international oil company in relation to its shareholdings arrangements in respect of a company established in DRC to build and operate storage terminals.
  • Advised an oil trader in relation to a financing by way of a prepayment agreement for the supply of copper cathodes.
  • Advised an international oil company in relation to shareholding arrangements in respect of an Estonian storage terminal, the provision of a shareholder loan to the operating company and security (including a debt-to-equity conversion mechanism) relating thereto.
  • Acted for an international oil company in respect of the sale of its interest in a Nigerian entity. Prepared and negotiated sale and purchase documents. Instructed and monitored Nigerian counsel in respect of the Nigerian transfer requirements.
  • Advised an international oil company in respect of the provision of storage services in the Ivory Coast.
  • Advised an international oil company in respect of back-to-back crude and product supply contracts in Ecuador.
  • Acted for a bidder in respect of its proposed purchase of certain downstream interests from Chevron across the Caribbean, Central America and South America. This included a due diligence review of retail agreements, aviation fueling arrangements, business-to-business supply agreements, pending litigation and employment issues, together with the preparation of bid documents.
  • Acted for a bidder in respect of its proposed purchase of shareholdings in Chevron’s petroleum products marketing affiliates in Kenya, Uganda, Benin, Cameroon, Congo (Republic of the Congo), Cote d’Ivoire, and Togo.

Previous Experience

  • Member of the Project Finance Practice Group at an international law firm.