عنوان لاتین:
Legal Framework of Risk in Oil & Gas Project Finance: The Lender’s Perspective
شاخه علمی:
پایان‌نامه حقوق
گرایش علمی:
تجارت بین الملل
قالب اجرا:
پایان‌نامه غیرصنعتی
کارفرما:
استاد راهنما:
حمیدرضا نیکبخت
استاد مشاور:
محمود باقری
دانشگاه:
دانشگاه شهید دکتر بهشتی
مقطع تحصیلی:
پایان‌نامه کارشناسی ارشد
سال دفاع:
۱۳۸۷
کلیدواژه‌ها:
Project Finance, Oil and gas industry, Risk, Risk structuring process, Risk Identification, Risk Allocation, Risk Management
چکیده:
This dissertation studies the risk in oil and gas project financing from a legal point of view. It simply introduces a three-tier process i.e. identification, allocation, and management to provide a framework for structuring the risk in oil and gas project financing. This significant framework of three-tier process is so called risk structuring process which plays an important role in project success. Risks involved in projects are the key determinants for viability of those projects and affect the sponsors’ and lenders’ decision-making process in loan drawdowns, servicing the debt and other issues related to debt terms. The success of a project is totally dependent on how the inherent risks are being dealt with, the capacity of the project company to handle it, and cooperation between project participants in this respect. Due to recent oil price hikes and significance of oil and gas in today’s energy market, petroleum projects are at the centre of attention, and more oil and gas projects are being financed around the world by using project finance structure. Every project presents its own risks. In project financing, because of the non-recourse or limited recourse nature of the transaction, every project has a ring fence nature that must be looked at in isolation. But still there are common risks having similar features that can be dealt with in the same way and managed by using the same contractual and financial mechanisms. As to the risk profile the difference between projects is the lack of certain risks in one project and presence of those risks in other project (e.g. political risk, credit risk, price and market risk, etc.), the level of exposure to potential and inherent risks, and significance of certain risks in one project in comparison to another project. Oil and gas projects as large scale projects are facing their own risks putting the project in an uncertain situation. To deal with the risks in project finance transactions, identification of risks associated in the project is the first stage in risk structuring process, but what is legally significant in this process is the way these risks are allocated to various projects’ participants, and how these risks are managed through various contractual and non-contractual techniques