.jpg)
1 hour ago
3
Article content
(Bloomberg) — A private-credit firm founded by former Credit Suisse bankers is seeking to finance Venezuela’s oil services sector, as one of the country’s largest energy conferences in decades draws investors back to Caracas.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
ArtCap Strategies plans to deploy capital to local providers working with oil majors, aiming to help revive crude output after years of underinvestment, Managing Director Andrés Martínez said Monday.
Article content
Article content
Article content
More than 900 executives, financiers and officials packed a hotel hall in eastern Caracas for the event, an unusual gathering in a country that has been largely cut off from global capital markets for years. Attendees moved through crowded corridors and meeting rooms, pitching deals and scanning for partners as discussions ranged from sanctions to financing structures.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“In this juncture there is an opportunity to finance certain things, specifically projects with a time horizon of over one year,” Martínez said, without specifying how much money the firm intends to deploy.
Article content
ArtCap is targeting small- and medium-sized firms, with financing focused on equipment, maintenance and other capital expenditures. Its investor base includes insurers, foreign banks and family offices, Martínez said. Launched in 2023, the Cayman-based direct lender advised on El Salvador’s $1 billion debt swap in 2024 and last year helped fund a carbon program in the Bahamas.
Article content
A group of US oil executives met Venezuela’s acting president, Delcy Rodríguez, in Caracas earlier this month, seeking assurances the country is safe for investment as President Donald Trump urges companies to help revive its energy sector. The delegation included Continental Resources Chief Executive Officer Doug Lawler, Texas oilman Bryan Sheffield and former House Speaker Kevin McCarthy, signaling interest extending beyond Chevron Corp. and other majors.
Article content
Article content
Foreign companies are cautiously approaching local firms, trying to assess the risks of investing in the country, with many surprised with the fast pace of the regulatory changes. “There are still some fears around what could happen, but without a doubt a lot of enthusiasm,” said Maria Camila Hernandez, director of forensic investigations and intelligence at Kroll, a financial and risk advisory firm.
Article content
ArtCap manages about $300 million and plans to deploy its own capital while seeking additional investors, Martínez said. The firm is focusing on rehabilitating existing wells and infrastructure, betting that restoring previously productive fields can boost output faster than new drilling.
Article content
English (US)