Project finance partner Stephen McGairl of Freshfields advised lenders including the European Bank for Reconstruction and Development on the $348m financing of the first phase of the development of the hydrocarbon reserves around Sakhalin Island in the Russian Federation. The project company, The Sakhalin Energy Investment Company, was advised by partners Peter O'Driscoll and John Sheedy of Coudert Brothers. Berwin Leighton advised Sakhalin Marine and Sakhalin Storage and Clifford Chance advised lender Export-Import Bank of Japan.