Amos Global Energy Management LLC and Gramercy Funds Management Announce a Joint Venture with Inepetrol
GAGE VENEZUELA HOLDINGS LLC (“GAGE”), a recently created partnership between Amos Global Energy Management LLC (“AGE”) and Gramercy Funds Management LLC (“Gramercy”) announced that it has entered into a joint venture with Inepetrol, S.A., a subsidiary of Inelectra S.A. (“Inelectra”). The joint venture would seek to target and develop oil and gas interests in the Gulf of Paria area offshore Venezuela by participating in Empresas Mixtas Petro Güiria and Petro Paria.
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“We are delighted to partner with AGE and Inelectra to establish our joint venture,” said Matt Maloney, a Partner and Head of Public Credit at Gramercy. “We believe that rehabilitating the oil sector will be beneficial to U.S. interests in the region and the U.S. economy by lowering fuel prices for American consumers. Increased oil production will lead Venezuela’s initial economic recovery and will also eventually fund Venezuela’s long-term transformation to a more diversified, and eventually greener, economy. The joint venture will also endeavor to instill best practices with respect to environmental, social and governance matters related to underlying projects in which we invest.”
“Inelectra has been a key partner with several multi-national corporations over many decades. On behalf of GAGE, we are excited that they have agreed to our partnership, and we look forward to developing the Gulf of Paria region,” stated Ali Moshiri, President and Chief Executive Officer of AGE and GAGE. “The joint venture will contribute to balancing oil supply and demand, stabilizing price, preserving U.S. energy security and paving the way towards global energy transition.”
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“Amos Global Energy Management is a strategic partner with its management team having strong operational experience in Venezuela and around the world. Gramercy’s institutional framework and global investment platform ensures sound legal and financial management. We believe this transaction, along with the subsequent foreign investment, is an exciting step in the revitalization of the country’s oil and gas industry,” stated Jorge Rojas, President, Inelectra Group.
Any investment activity in Venezuela by the joint venture would be subject to the approval of both the U.S. Treasury Office of Foreign Assets Control (OFAC) and the Government of Venezuela.
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