United Energy Group - US$640 million acquisition finance facility to fund acquisition of Pakistan oil and gas businesses from BP

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Slaughter and May is advising United Energy Group Limited, an energy company listed on The Stock Exchange of Hong Kong, in connection with a US$640,000,000 acquisition finance facility with China Development Bank, Hong Kong Branch, as lender. The facility forms the main part of the funding to finance the group's acquisition of most of BP's upstream oil and gas businesses in Pakistan. The acquisition was approved by the shareholders of United Energy Group Limited on 15 July 2011. The group intends to complete the transaction within the third quarter of 2011.

United Energy Group Limited is the first non-state-owned Hong Kong listed company to acquire oil and gas assets from BP.

Benita Yu (partner), Peter Lake (partner), Marco Chung (associate)