On Wednesday, Luanda witnessed the inauguration of Angola’s inaugural Venture Capital Company, PetroFund, with an impressive fund of $250 million aimed at bolstering projects within the country’s oil and gas industry.
Minister of Planning, Victor Hugo Guilherme, hailed PetroFund, SA as a significant milestone, showcasing the private sector’s response to governmental initiatives.
Guilherme stressed the importance of supporting and financing local content companies operating in the oil sector, signaling a positive stride towards private sector development and resilience.
José Barroso, the Secretary of State for Oil and Gas, emphasized the necessity of establishing robust financial structures to nurture sustainable and high-quality national companies within the oil and gas sector.
Barroso assured PetroFund of institutional support, highlighting the government’s commitment to fostering sustainability in the industry.
Representing Finance Minister Vera Daves de Sousa, Barroso underscored the importance of PetroFund’s mission, affirming the government’s backing for initiatives aimed at enhancing the sector’s stability and growth.
Addressing the ambitious objectives of PetroFund, Vicente Inácio, President of the Board of Directors, acknowledged the current limited contribution of local content to the oil sector, standing at two to three percent.
However, with identified investments totaling $54 billion in the pipeline, PetroFund aims to capture a more significant share, targeting 7.5 to 10 percent by 2030.
PetroFund pledges support for projects with high potential seeking financing, reflecting its commitment to driving growth and innovation within Angola’s oil and gas industry.
