Mohammed Khalil

Senior Consultant

+44 (0) 1865 253023

Location: Oxford

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Mohammed is a member of Oxera’s State Aid and Corporate Finance teams and specialises in financial analysis, cost of capital and profitability assessments. He has advised clients on a broad range of economic and financial issues in state aid cases relating to assessments of the market economy operator principle (MEOP) and the compatibility of the aid. He is also experienced in commercial litigation cases and regulatory finance. Prior to joining Oxera, he completed an MPhil in Finance and Economics at the University of Cambridge, focusing on corporate finance and international finance. Mohammed has experience in corporate banking, and has previously worked for HSBC as a summer analyst.

Selected project experience

  • Advising a top European football club on various state aid matters (2016)

  • Advising an international airport on the compatibility of state funding with state aid rules (2016)

  • Advising a large investor in a sports infrastructure project, focusing on the assessment of state guarantees on loan arrangements (2016)

  • Advising a client on a commercial dispute in the context of seeking to overturn a criminal conviction in the USA (2016)

  • Advising an international airport on state aid issues relating to loan arrangements (2016)

  • Advising a number of property developers in an EU member state to demonstrate that incompatible state aid may have been received by their state-backed competitors (2016)

  • Advising a regional European airport in relation to alleged state aid leaking to its agreement with an airline (2015)

  • Quantifying damages suffered by a multinational oil and gas engineering and construction company in the context of an international arbitration case (2015–)

  • Advising a large multinational manufacturing company in the aerospace sector on compliance with state aid rules (2015)

  • Advising an energy generation company on state aid matters (2015)

  • Advising Ryanair in relation to a number of state aid investigations at various European airports (2014–15)

  • Advising an energy company on competition finance issues in the context of an abuse of dominance litigation case in the UK gas market (2014–15)

  • Advising a major European port on compliance with state aid issues (2014)

  • Assisting in the preparation of an expert report in relation to state aid litigation in Germany (2014)

  • Advising a gas distribution company on the appropriate cost of capital associated with extending the natural gas network in Northern Ireland (2014)

  • Quantifying damages in the context of a lump sum compensation in a personal injury case in the USA (2014)

  • Conducting a comparative analysis of the riskiness of different regulatory regimes for a European electricity provider (2014)

  • Undertaking a cross-subsidy and profitability analysis of a ferry operator in the UK (2014)

  • Advising a large GB infrastructure company on compliance with state aid rules (2013–14)

  • Undertaking a comprehensive retail margins analysis for a leading energy retailer in the UK (2013–14)

  • Assessing the margins and cost of capital for a UK-regulated company in the transport sector (2013)

  • Analysing product margins of a French retailer in the context of a cartel case (2013)

  • Analysing the validity of Nexus’s (Tyne and Wear’s Passenger Transport Executive) core assumptions on the financial structure of the bus industry (2013)

  • Quantifying the required returns for six water-only companies in light of Ofwat’s price review in 2014 (2013)


  • MPhil Finance and Economics, University of Cambridge

  • BA Economics, American University of Beirut, Lebanon

  • BSc Mathematics, American University of Beirut, Lebanon

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