EDITORIAL: PROJECT FINANCE IN THE CIS

Who’s Who Legal
Jan 15 2010

Our research identifies 46 leading project finance lawyers in the
region.

Magisters has a strong contingent, with four lawyers featured. Olga
Khoroshylova heads the capital markets, banking and finance group in
Ukraine while Dmitry Dementyev in Moscow "is a fine lawyer". Marta
Khomyak heads the Astana office in Kazakhstan and Anna Rusetskaya
provides "excellent counsel" in finance issues relating to Belarus.

At Salans in Kazakhstan Aigoul Kenjebayeva has particular expertise
regarding foreign investments into the country and the Caspian region
while the "highly practical and business-minded" Abai Shaikenov also
advises a range of clients in the banking, real estate and oil and
gas sectors. In Kiev managing partner Oleg Batyuk is a member of the
board of the central and East European practice group and advises
major international companies and financial institutions regarding
investments in Ukraine, Belarus and Moldova.

We list two lawyers at Linklaters LLP in Russia. Michael Bott
advises a range of clients including lenders, borrowers, export
credit agencies and multilateral institutions; Daniel Tyrer is
"very knowledgeable particularly in the energy sector" and has
over 10 years of experience in this industry. Elsewhere in Russia,
at Herbert Smith LLP Alexander Currie has worked on numerous large
project financings including Gazprom and Wintershall on the â~B¬3
billion project financing to develop one of Russia’s largest gas
fields. Edward Baring is also highly recommended. Dmitri Nikiforov of
Debevoise & Plimpton LLP chairs the firm’s Moscow Office and is very
well regarded while Alan Kartashkin is "superb". At Allen & Overy LLP,
the "highly knowledgeable" Anthony Humphrey is global head of the
Russia practice group and managing partner of the Moscow office. We
also identify Tatiana Kachalina of Liniya Prava who is reported to be
a "great lawyer". Anton Klyachin of Salomons provides a "first-rate
service" regarding investments into the country.

Our research identifies a further seven leading lawyers in Kazakhstan.

Aequitas has two lawyers listed. Tatyana Suleyeva is a co-founder and
deputy managing partner of the firm and has "excellent experience"
relating to the structuring of transactions and investments in
the country. Semion Issyk advises a number of financial groups
and institutions and is rated highly in our research. Kenneth Mack
is a managing partner of Chadbourne & Parke LLP and has extensive
experience in transactions involving Central Asia and Russia. The
"brilliant" Sergei Vataev has drafted documents for complex project
finance transactions involving innovative use of payment and debt
instruments. At Denton Wilde Sapte’s Kazakhstan branch Joel Benjamin
represents clients in various industries including oil and gas,
mining, banking, electricity, aviation, and telecommunications and
media. At Grata Law Firm, managing partner Rashid Gaissin heads
the banking and finance department and counsels multinationals and
financial institutions. Walter Daniel of White & Case LLP focuses
on international oil and gas matters and has previously advised an
international consortium on the concession and other Kazakh law issues
associated with the proposed US$6 billion financing of a petrochemical
complex in the Atyrau region of Kazakhstan.

>>From the seven outstanding lawyers in our Ukraine list, DLA Piper
LLP provides two. Illya Muchnyk is a "star" and advises leading banking
and financial institutions and major Ukrainian industrial groups.

Oleksandr Kurdydyk leads the finance and projects practice in Ukraine
and has significant industry experience in the energy, transport
and telecommunications sectors. At Asters Oleksiy Didkovskiy is a
"highly skilful lawyer". From Frishberg & Partners Vladimir Lukovich
provides "highly astute" counsel while Oleg Vysochinsky of Grischenko
& Partners is a "fantastic lawyer". At Ilyashev & Partners, Maksim
Kopeychykov is "a very worthy lawyer that should be on the list",
while Valentyn Zagariya is also highly regarded in the region.

We select six professionals in Azerbaijan. From Baker & McKenzie
Aykhan Asadov is "very impressive". His partner Vagif Karimli has an
"outstanding" practice. MGB Law Offices has two representatives in
this chapter: Ismail Askerov advises a number of major oil and gas
corporations and also acts for multinational financial institutions
on the financing of major vessel and aircraft operators in Azerbaijan.

Elchin Mammadov is "certainly a leader in the region" and his previous
experience has involved acting for HypoVereinsbank on a US$30 million
structured financing in Azerbaijan and abroad. BM Law Firm also has two
lawyers on our list. Dilyara Israfilova is "very good" and previously
represented a Swiss bank in connection with a US$5 million financing
of a fuel conversion and retrofit of Nakhichevan Power Plant. Farhad
Mirzayev is "well respected" and has been listed.

In Belarus our research identifies a strong contingent at Borovtsov &
Salei. Alexander Botian "is certainly one of the best" while managing
partner Vassili Salei is seen as a "world class" lawyer. The "highly
accomplished" co-managing partner Maksim Salahub of Sorainen Law
Offices advises a number of international financial institutions,
transnational corporations and prominent foreign investors venturing
into Belarus while at Vlasova Mikhel & Partners Tatiana Emelianova is a
"highly respected lawyer".

In Armenia our research identifies three outstanding lawyers. At
Ameria Legal Practice Andrew Lazarian is "the man for project
finance in Armenia" and Karen Babalyan is also well respected in this
jurisdiction. At Arlex International Ltd managing partner Thomas
Samuelian "is an expert" and has over 20 years of experience in
international practice.

At Kalikova & Associates in Kyrgyzstan managing partner Gulnara
Kalikova is a "very adept lawyer" with a specialism in project finance.

Turcan & Turcan have two representatives listed in Chisinau. Alexander
Turcan is "highly reputable" while Octavian Cazac has "a very good
understanding of clients’ needs".

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