Africa-Press – Angola. Companies operating in Angola, with emphasis on oil companies and mining companies, will, starting this Wednesday, count on financial support from the Venture Capital Investment Company (Petrofund), which has 250 million US dollars for this purpose.
This is the first private investment fund for the Mineral Resources, Oil and Gas sector, opened in Luanda, with a view to strengthening the financial capacity of national and foreign companies, as well as ensuring the sustainability of local content, according to the Chairman of the Petrofund Board of Directors, Vicente Inácio.
Speaking to the press, regarding the launch of this fund, the manager highlighted that the respective investment will be made progressively, with the acquisition of up to 30% of the companies’ shares, which will be managed by Petrofund over a period that varies between five and seven years.
After this period, he clarified, the fund will be able to sell its respective shares to the founding shareholders or disperse the capital with the Angolan Debt and Stock Exchange (BODIVA).
“Petrofund will work with companies providing services in the oil and mineral extraction sector, financially supporting these operators to gain market share”, he maintained.
Companies interested in financing the fund must access the website www.petrofund.ao to register and analyze the process of each application.
At the time, the PCA also stated that oil operators have the goal of investing a total of around 54 billion dollars, in the period 2023 to 2026.
In addition to companies in the oil and mining sector, Vicente Inácio assured that Petrofund will also finance companies in other areas, aiming to boost economic diversification.
Regarding the launch of Petrofund, the vice-president of the Association of Contracted Companies in the Petroleum Industry in Angola (AECIPA), Manuel de Deus, considered the emergence of the fund as a good opportunity for local content operators who really need financial support to develop its activities.
For the businessman, the launch of Petrofund constitutes a significant and extremely important step towards leveraging national companies.
“AECIPA companies, which controls more than 140 operators in the oil industry services sector, still face many difficulties in obtaining financing from the banking sector and other financial institutions, a fact that could be minimized with the emergence of the aforementioned fund”, highlighted.
Specifically, he pointed to the emergence of Petrofund as a window of opportunity to reinforce capital and improve corporate governance and management.
In the same vein, the president of the Association of Autochthonous Companies (ASSEA) in the oil sector, Berta Issa, considers the Venture Capital Investment Company as a “breath of fresh air” for the oil and gas industry, which needs robustness financial.
According to the businesswoman, national banks “do not have products aimed at the oil sector, a fact that makes companies’ treasury difficult.
He also pointed out the lack of access to foreign currency to purchase goods as another difficulty that Angolan companies face. These conditions, he pointed out, constitute the main reasons for the participation of only 2% of Angolan companies in the oil sector, compared to 98% of foreign companies.
For his part, the Secretary of State for Oil and Gas, José Barroso, highlighted that the emergence of the fund represents a relevant milestone for the sector, as it encourages the creation of sustainable local content, a goal that has always focused on the Government. Angolan.
“Alongside the demand and production of oil in Angola, the Government has also always sought to involve national citizens and companies in our programs and policies”, he highlighted.
The Minister of Planning, Victor Guilherme, highlighted the creation of Petrofund as marking the birth of a new business segment and signaling the development and strengthening of the Angolan private sector, with emphasis on local content.
Petrofund SA is the first Venture Capital Investment Company (SCR) in Angola that aims to support companies that need financing alternatives to traditional bank credit.
Regulated by the Capital Market Commission (CMC), the fund has the support of several national and international investors, with the aim of providing resources to the Angolan business community, especially companies providing services and suppliers of goods and equipment to the Industry. Oil and Gas, as well as mineral extraction, among other sectors.
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