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| Gas coup a measure of negotiation strength ( 28/10/2002 ) | |||||||||
The deal - the largest ever in Australia's export history- will see liquid natural gas from Australia's North West Shelf supplied to a new LNG terminal at Shekou on the Chinese mainland, for 25 years from 2005. Minter Ellison's Hong Kong office led the legal team advising the Australian consortium which was up against tough competition for the contract from gas suppliers in Indonesia and Qatar. Its participation in the deal has been highlighted by Hong Kong chief secretary Donald Tsang as an example of how Hong Kong can play a key role in negotiating links between China and international corporations. Minter's Hong Kong managing partner Sam Farrands said the firm had beaten law firms from the US and UK when it bid at the end of 2000 on the contract to advise the Australian LNG consortium. Included in the consortium are oil giants Shell, BP, and ChevronTexaco as well as international minerals and energy firm, BHPBilliton, and Australia's Woodside Energy. Mr Farrands and his team in Hong Kong led the advice to the Australian consortium, drawing on expertise of the firm's other offices in Australia and London. He believes the fact that Minter's Hong Kong office was leading the bidding for the deal helped the firm win the advisory contract. Mr Farrands says the deal involved constant shuttling from Hong Kong by ferry to nearby Shekou just across the border for discussions with the Chinese consortium buying the gas, and then between Hong Kong and Perth which is the headquarters of the Australian consortium. "It was a fantastic deal to do," says Mr Farrands. The Australian law firm had been operating in Hong Kong for eight years as a joint venture with a UK law firm before deciding to go out on its own two years ago. At the time it only had four lawyers in Hong Kong. Its Hong Kong office has since grown to four partners and 23 associates. Minters is continuing to advise the ALNG partners on the deal and the separate contract to transport the gas from north-western Australia to Shekou which is to be done by ALNG's transportation arm. Mr Farrands says that the China gas deal was probably the "equivalent of about three to four normal deals" in terms of size for the firm - as well as its impact on the reputation of its Hong Kong office. Minter Ellison plans to further expand its Hong Kong office, using the successful gas deal as a means of attracting new talent from other international law firms. Related links: | |||||||||
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