Former Credit Suisse Bankers Seek to Finance Venezuelan Oil Sector Revival, According to Bloomberg
A private credit firm founded by former Credit Suisse bankers seeks to finance Venezuela's oil services sector, as one of the country's biggest energy conferences in decades draws investors back to Caracas. By Bloomberg ArtCap Strategies plans to allocate capital to local suppliers working with major oil companies, aiming to help revive crude production after years of underinvestment, its CEO, Andres Martinez, said Monday.
TL;DR
- ArtCap Strategies, founded by ex-Credit Suisse bankers, plans to finance Venezuela's oil services sector.
- The firm will provide capital to local suppliers working with major oil companies to help boost crude production.
- A large energy conference in Caracas has attracted over 900 executives and financiers, indicating renewed investor interest.
- ArtCap Strategies manages approximately $300 million and will invest its own capital while seeking additional investors.
- The company's strategy involves rehabilitating existing wells and infrastructure rather than new drilling.