Gramercy Funds Management and Amos Global Energy will partner with a division of Venezuelan-based Inelectra group.
Amos Global Energy, a fund set up in 2019 by a former Chevron executive, has a special focus on Latin America, per itsGramercy Funds Management, for its part, is aThe two partners in the joint venture said that the aim of the venture was to"contribute to balancing oil supply and demand," according to a statement by Ali Moshiri, the head of Amos Global Energy.
According to Gramercy partner Matt Maloney, the venture"will be beneficial to U.S. interests in the region and the U.S. economy by lowering fuel prices for American consumers." It might take a few years before new supply from the project the two are investing in reaches U.S. drivers, but it appears that Washington is indeed relaxing its stance on Venezuela amid the fuel price shock.restrictions for two European companies doing business with Venezuela, allowing them to export certain, albeit modest, volumes of Venezuelan crude to Europe.