Resumen del autor, extraído del trabajo. Christopher L. Mann led Sullivan & Cromwell’s representation of the senior bank lenders, the bond underwriters and the provider of two innovative insurance products for the Port Arthur Coker Company, which was a complex, multi-sourced project financing of a major expansion of a petroleum refinery in Port Arthur, Texas. Mr. Mann's presentation will use the Port Arthur project financing to highlight the advantages and complications associated with the use of project finance as a means of financing major oil and gas projects. Key points of the presentation will include: a background summary of the Port Arthur refinery and the rationale for the Coker Project; reasons to use project finance and the drivers in the Port Arthur Project; risk mitigation and allocation in project finance, with illustrations from the Port Arthur Project; and the financing plan in Port Arthur. Also discussed will be the challenges and solutions particular to the Port Arthur Project, with a focus on refining margin volatility, shared facilities and interdependence with the Clark Refinery, the lack of capacity in bank and bond markets, the role of innovative insurance products, intercreditor issues and bankruptcy remoteness concerns.