Gemcorp Capital Chairman to Speak at Angola Oil and Gas Conference

Atanas Bostandjiev, Chairman of UK-based investment group, Gemcorp Capital, will speak at this year’s edition of the Angola Oil & Gas (AOG) Conference, taking place in Luanda from September 13-14.

Energy Capital & Power (ECP) disclosed this in a statement made available to The Agenda Online, Tuesday.

Gemcorp Capital is an independent investment management firm, focused on investing across sovereign and corporate emerging markets.

Since its inception, the firm has made over $6 billion in investments across 25 emerging market countries and has plans to invest a further $10 billion in Africa over the next decade.

Recently, the firm – alongside partners the African Export Import Bank and the Africa Finance Corporation – announced the financial close of the Cabinda Oil Refinery with a $335 million project financing facility. Following its completion, the project will process 30,000 barrels of oil per day, meeting 10% of the country’s demand for refined petroleum.

According to Bostandjiev, Angola Gemcorp’s main geography for investment, Angola accounts for a significant amount of the Fund’s revenue stream.

“Through persistent economic, legal and social reforms, Angola has continued to attract new foreign direct investment and international development, and we at Gemcorp are excited to be a part of this story. This is why, unlike most funds, we have set up shop on the ground in Angola, and our local company is contributing to local job creation and economic development,” he says, adding that “One stand-out in-country example for us is our recent financing of the new Cabinda Oil Refinery, which will increase the country’s energy security and reduce Angola’s reliance on oil imports.”

He further notes that beyond the success of the oil industry, Angola has much to offer foreign investors in other sectors.

“These are generally exciting times for emerging markets due to high interest rates and inflation experienced in developed countries. These underlying conditions will ultimately help to close the financing gap for emerging markets and lead to an economic boom in the Global South,” he states.

Bostandjieve highlights that Gemcorp is participating in the conference due to its role as a major player in the oil sector in Angola and Sub-Saharan Africa.

“We are the primary shareholder of the first oil refinery to be built in Angola since colonial times, whose phase one is expected to launch at the end of 2024. Additionally, this would be Gemcorp’s second investment into oil refinery capabilities for African countries, being also a shareholder in the Conex Petroleum Refining Company in Liberia. As such, we are very excited to share our insights with colleagues and explore future opportunities in the region.”

Devi Paulsen-Abbott, ECP CEO says: “We are looking forward to hosting Atanas Bostandjiev during this year’s AOG 2023 conference. Gemcorp has a long history of making impactful investments in Angola and represents a strong partner for companies across the entire energy value chain. GeThe company’s investments in Angola align with the country’s efforts to expand refining capacity and accelerate economic diversification, and as such, the firm’s insights will be highly valued at the conference this September.”