People

Nabil Khodadad Baker Botts London
Nabil L. Khodadad
Partner

Overview

Based in the firm's London office, Nabil Khodadad is a Partner with the Global Projects practice and Head of Project Finance for the firm’s international offices. He has been based in London for more than two decades and has extensive experience in project finance and privatizations. Nabil has advised on oil and gas, pipeline, petrochemical, mining and metals, power, port, and other projects in more than 35 countries. He has also served on the Documentation Committee of the Loan Market Association (LMA).

Nabil has been ranked as a leading project finance lawyer by Chambers and Partners in the Chambers UK Guide (2007 to 2025) and Chambers Global Guide (2018 to 2025), and is currently listed as "Band 1" in both guides. He has also been ranked as a "Leader in their Field" in international mining by Chambers UK (2011 to 2015).

Admissions & Affiliations

  • Qualified Solicitor, England & Wales, 2003
  • Illinois State Bar

Education

  • J.D., University of Chicago Law School
  • B.A., Economics, Northwestern University
    with honors

Experience

  • STAR Rafineri A.S. a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR) and its sponsors on the development and financing of a $6.3 billion greenfield oil refinery in Turkey on the Aegean Sea. This is the largest project financing in Turkey and involves the largest and most diverse group of ECAs for any multi-source financing in Turkey to date. The STAR project sets new benchmarks for project financings in Turkey in terms of amount and tenor of facilities. The Project won 10 awards including Infrastructure Journal's "European Oil and Gas Deal of the Year 2014"
  • A joint venture among Korean Gas Corp (KOGAS), Lotte Chemical, STX Energy, and Uzbekneftegas, on the development of the approximately $3.9 billion Surgil gas to petrochemicals project and the Asian Development Bank, KEXIM, and KSure-led financing thereof; Project Finance Internationals "Petrochemical Deal of the Year 2012", Infrastructure Journals "Oil and Gas Deal of the Year 2013", The American Lawyer's "Global Finance Deal of the Year: Project Finance (Asia) 2014", and the largest project financing in Central Asia
  • Uzbekistan GTL on the construction, development and financing of a $3.6 billion gas to liquids project in the Kashkadarya Region, close to Karshi, in the Republic of Uzbekistan. This project is financed by or under the cover of several export credit agencies, development banks and commercial banks, including China Development Bank, KEXIM and KSure
  • Uzbekistan GTL and Uzbekneftegas on the sale to Air Products of a natural gas-to-syngas processing facility in the Kashkadarya Region, Uzbekistan for US$1 billion. This sale is the largest M&A transaction in Uzbekistan's history
  • SOCAR GPC on its proposed multibillion dollar development and financing of a gas processing plant and petrochemicals facility in Azerbaijan
  • Eurochem on the approximately $1 billion construction and ECA-led financing of an ammonia complex in Russia
  • SOCAR and its subsidiary SOCAR Turkey in connection with a $1.3 billion equivalent syndicated loan facility to refinance existing financial liabilities. At the time of signing the transaction represented the largest syndicated loan arrangement completed in 2021 by a non-financial company in Turkey and was "Syndicated Loan of the Year" according to Bonds, Loans & ESG Capital Markets CEE, CIS & Türkiye Awards
  • A joint venture between SOCAR Turkey Enerji A.S. and a subsidiary of BP plc on the proposed development and financing of a $1.8 billion petrochemical industrial complex in Turkey on the Aegean Sea
  • SOCAR Turcas Petrokimya AS on a $1 billion loan facility arranged by Credit Suisse to refinance an existing acquisition loan facility and to finance the final instalment of the purchase price for Petkim Petrokimya Holding A.S.
  • Petkim Petrokimya Holding A.S., a leading Turkish petrochemical producer, in connection with a $300 million loan facility from J.P. Morgan Securities plc to finance the redemption of Petkim's five-year, $500 million Eurobonds
  • Eskom on a $3.75 billion World Bank loan to finance the construction of the Medupi power plant and an associated transmission line, a wind power plant, and a solar power plant
  • SOCAR Polymer on the approximately $800 million development and financing of facilities for the production of polypropylene and high-density polyethylene in the Republic of Azerbaijan
  • Preem Petroleum AB in connection with an approximately $3.5 billion syndicated financing arranged by Skandinaviska Enskil Banken AB and Svenska Handelsbanken AB with respect to its refineries in Sweden

Oil, Gas & Petrochemicals

  • Equinor (formerly Statoil) in connection with the proposed development and financing of the approximately $20 billion Phase 1 of the Shtokman gas, condensate, and LNG project with Gazprom and Total
  • Azerbaijan (ACG) Ltd, a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), on a $750 million loan facility arranged by BNP Paribas to finance its share of investment in the Azeri, Chirag, and deepwater Gunashli offshore oil and condensate fields; Project Finance magazine's "European Oil and Gas Deal of the Year" for 2006
  • Nations Energy on its $1.9 billion sale of its Kazakh fields to the CITIC Group
  • SOCAR with respect to an oil transit agreement with KMG for the transit of Kzakh oil
    SOCAR on its issuance of $500 million 5.45% Notes due 2017. The transaction marked SOCAR's first Eurobond issuance and the first international Eurobond offering out of Azerbaijan
  • The EBRD on the $350 million financing of LuKoil's and the State Oil Company of the Azerbaijan Republic's investments in the Shah Deniz Gas Field and the South Caucasus Gas Pipeline
  • SOCAR Turkey Enerji A.S. and its shareholder SOCAR in connection with a $300 million loan facility to refinance existing financial liabilities
  • SOCAR on its entry into a $500 million bilateral loan agreement and a $300 million bilateral loan agreement for, among other things, general corporate purposes
  • SOCAR on separate $480.5 million and $300 million syndicated financings arranged by ABN AMRO, BNP Paribas and Societe Generale backed by oil receivables
  • Preem Petroleum AB in connection with an approximately $3.5 billion syndicated financing arranged by Skandinaviska Enskil Banken AB and Svenska Handelsbanken AB with respect to its refineries in Sweden
  • IFC in connection with its financing for the revamping, modernization, and startup of S.C. Petrotel-Lukoil's refinery in Romania

Mining & Metals

  • A large international mining company in connection with the proposed development and financing of a multibillion dollar integrated iron ore and rail project in west Africa
  • European Goldfields, a TSX and AIM-listed company, on a proposed $600 million loan facility to be provided by Qatar Holding LLC, the investment arm of Qatar's sovereign wealth fund, and a $150 million loan note facility to finance the development of the Skouries and Olympias gold projects in Greece
  • The EBRD in connection with an equity investment in GV Gold, a Russian mining company
  • Newmont Mining Corporation on the IFC-led financing of the Ahafo gold mining project in Ghana, the IFC's first major mining project after its Extractive Industries Review
  • The Al Ghurair Group in connection with the sale of a key stake in Al Ghurair Iron & Steel, the first steel cold rolling and galvanizing complex in the UAE, to Nippon Steel Corporation, Japan's largest steel maker
  • Billiton on its acquisition, together with Glencore and Anglo American, of Cerrejon Zona Norte, a Colombian company with an interest in the Cerrejon Norte Coal Deposit, for $476 million
  • Billiton on its acquisition of an equity stake in Carbones del Cerrejon, a Colombian company with rights to the Cerrejon Central and Oreganal Coal Deposits
  • Zarafshan-Newmont, a joint venture between the State Committee on Geology and Mineral Resources, Navoi Mining and Metallurgical Combinat and Newmont Mining Corporation, on the EBRD-led financing of its project to heap leach gold bearing ore stockpiled near the Muruntau Mine in Uzbekistan and subsequent refinancings of such project; this was a Project Finance International "Deal of the Year"
  • A government in connection with an investment agreement with a foreign investor for an exploration and mining project with respect to polymetallic ore

Power

  • A European/Asian joint venture on its proposed development and financing of the approximately $1 billion Namakhvani hydroelectric project in Georgia
  • A developer in connection with a power project in Yemen
  • CDC Globeleq on the gas supply arrangements in connection with its acquisition of AES' interest in the Songo Songo gas to electricity project in Tanzania
  • IFC in connection with the financing of the Pamir I hydroelectric electric power generation and distribution project in the Gorno-Badakhshan region of Tajikistan
  • WestPac, as sole arranger of project financing for the Carland Cross Wind Farm, the first limited recourse financing of a wind farm in the UK
  • Barclays Bank, a sole arranger of project financing for the Coal Clough Wind Farm in the UK

Other

  • A Turkey-based petrochemical company in connection with the construction, financing, and operation of a container port on the Aegean coast of Turkey
  • The Hayal Saeed Anam Group in connection with a loan from the IFC to finance its food processing operations in Yemen
  • Capmark Financial on the sale of a portfolio of real estate loans to GE for approximately $1.8 billion
  • Jazztel plc, a competitive local exchange carrier, on a €200 million syndicated revolving credit and performance bond facility which was arranged by JP Morgan plc to finance the build-out of its network in Spain
  • Alghanim Industries of Kuwait in connection with a loan facility arranged by HSBC to finance the acquisition of Izocam from the Koc Group
  • Societe Generale as arranger of financing for the acquisition of two Boeing 767s

Awards and Community

Recognised in Chambers UK for Projects (UK-wide), 2014-2026

Recognised in Chambers Global, as "Expertise Based Abroad in UK" in General Business Law (Uzbekistan), 2024; Projects (UK), 2013, 2016-2024; General Business Law (Uzbekistan) "Foreign Expert Based Abroad," 2013, 2016-2023; Energy & Natural Resources (UK), 2013, 2016, and 2017

Listed in The Legal 500 UK for Projects, Energy and Natural Resources: Oil & Gas, 2013, 2015, 2016, 2018, 2020-2025

Listed in Best Lawyers UK (BL Rankings, LLC) for Energy & Natural Resources Law, 2014, 2017-2019, and 2023; Projects, 2014, 2017-2019, 2023 and 2024

Listed in Who's Who Legal for Energy, 2020; Energy: Oil & Gas, 2022-2023; Project Finance, 2022-2024

Listed in IFLR1000, 2020-2023

Recognised in Legal Media Group's (Euromoney's) Expert Guide to Energy and Natural Resource Lawyers, 2013, 2016, and 2017

Recognised in Euromoney Institutional Investor PLC, IFLR1000: The Guide to the World's Leading Financial Law Firms for Project Finance, United Kingdom, 2018