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Ashurst has acted for Thailand's state-owned energy firm PTT as the buyer of a five-year $600 million oil-backed loan agreement with Ecuador's state-run oil company PetroEcuador, represented by Hogan Lovells.

According to documents, the Ecuadorean government "has agreed to refund to the purchasers any amounts of the prepayments and related surcharges for advance payment which are not otherwise satisfied through the delivery of crude oil or fuel oil, respectively, or refunded by PetroEcuador in accordance with the contracts."

The Ashurst team was led by counsel Jean Woo and supported by partner Philip Thomson.

In July 2015, PetroEcuador signed at $2.5 billion oil-backed loan agreement with PTT to help finance its investment programme. Ashurst also acted for PTT on that deal.

 

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