The merger between international law firm Norton Rose Group and Canada’s Macleod Dixon at the start of the new year has expanded the former’s reach into Kazakhstan, an increasingly important player in global oil markets.
Norton Rose’s new office in Kazakhstan’s capital of Almaty, consisting of 12 lawyers, will focus on energy and natural resources. Kazakhstan is Central Asia’s largest oil producer, with plans to raise its annual crude exports to 110 million tonnes by 2020. The country has more than trebled its crude output over the past decade to become the second-largest producer in the former Soviet Union after Russia.
While the country is seen as competition for the oil-rich Middle East region, it has drawn interest from Gulf-based financial institutions, making it a market to watch out for in the region. Abu Dhabi-based Al Hilal Bank opened the first Islamic bank in the country in 2010, and said it would spend $1 billion in investment over the next few years.
Kazakhstan has floated the possibility of launching a $500 million Islamic bond, which is expected to be well-received by Gulf-based investors.
In addition to Kazakhstan, Norton Rose’s merger with Macleod Dixon has also created three new offices in Venezuela and Colombia, and expanded the firm’s presence in Canada and Russia. “This is a great step going forward for the group. This merger delivers real strength in energy and mining in emerging markets such as Latin America, Central Asia and Russia,” said Peter Martyr, Group Chief Executive at Norton Rose, in a statement.
The Norton Rose Group has 43 offices globally, and employs more than 2,900 lawyers worldwide. ALB
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