TURKISH O&G INVESTMENTS THROUGH THE LENS OF A MULTILATERAL INSTITUTION.
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Transcript of TURKISH O&G INVESTMENTS THROUGH THE LENS OF A MULTILATERAL INSTITUTION.
TURKISH O&G INVESTMENTS THROUGH THE
LENS OF A MULTILATERAL INSTITUTION
Introduction to IFC
3
IFC: A MEMBER OF THE WORLD BANK GROUP
Conciliation and
arbitration of investment
disputes
Guarantees of foreign
direct investment’s
non-commercial
risks
Interest-free loans and grants to
governments of poorestcountries
Loans to middle-
income and credit-worthy low-income
country governments
Solutions in
private sector
development
IBRD
International Bank for
Reconstruction and
Development
IDA
International Development Association
IFC
International Finance
Corporation
MIGA
Multilateral Investment
and Guarantee
Agency
ICSID
International Centre for
Settlement of Investment Disputes
4
Wholly owned subsidiary of IFC
Private equity fund manager
Invests third-party capital alongside IFC
Firm-level advice PPP transaction
advice In partnership w/World
Bank, advice on broader market development and enabling environment for private sector
Loans Equity Trade finance Syndications Securitized finance Risk management Blended finance
IFC ASSET MANAGEMENT
COMPANY
$6.4 bn under mgmt (FY14)
INVESTMENT
$51.7 bn portfolio (FY14)
ADVISORY
720 projects valued at $1.1 bn (FY14)
IFC: INTEGRATED SOLUTIONS FOR INCREASED IMPACT
5
IFC’S GLOBAL REACH
●Washington
●Santo Domingo●Mexico City
●Buenos Aires
●Sao Paulo
●Paris
●Moscow
●Almaty
●New Delhi
●Hong Kong
●Tbilisi●Istanbul
●Cairo
●Dakar
●Nairobi
●Johannesburg
109 country and regional offices worldwide 4,015 staff (57% based outside Washington DC)
●IFC HQ / Hub Offices●IFC Country Offices
THE POWER OF PARTNERSHIPS
6
30+ IFIs/DFIs
Host County Governments
Sovereign Wealth Funds/ Institutional Investors
900 Financial Institution Clients
Civil Society
2,000 Private Sector Clients
20+ Bilateral Donors/ 15+ Private Foundations
IFC’S GLOBAL NETWORK FOR
SOLUTIONS
3,000 Employees in 86 Countries
IFC Added Value in Oil & Gas
DIVERSIFIED COMMITTED $2.2 BILLION OIL & GAS PORTFOLIO
BY PRODUCT BY REGION
*Equity at market value
52 projects in over 30 countries (June 30, 2014)
SUB-SAHARAN AFRICA22%
ASIA17%
MIDDLE EAST & NORTH AFRICA
15%
LATIN AMERICA35%
SOUTHERN & EASTERN EUROPE
10%
WORLD1%
SENIOR DEBT & EQUIV-ALENTS
69%
EQUITY*31%
8
9
OIL AND GAS EXPERTISE
IFC HAS EXPERIENCE THROUGHOUT THE VALUE CHAIN
Paraguay
President Energy
$24,000,000
Equity Investment
Investor
December 2013
MIDSTREAMUPSTREAM DOWNSTREAM
EXPLORATION E&P OIL PIPELINE LNG GAS DISTRIBUTIONGAS PIPELINE
Egypt, Algeria, Bulgaria
Petroceltic
$100,000,000
Senior Loan
Mandated Lead Arranger
April 2013
Nigeria
Seven Energy
$105,000,000
Equity Investment
Investor (with AMC)
April 2014
Peru
Peru LNG
$300,000,000
Syndicated Project Financing
Lender
June 2007
Chad, Cameroon
ExxonMobil
$200,000,000
Senior Loan & Syndication
June 2001
Turkey
IZGAZ
$51,000,000
Senior Term Loan
Lender
June 2009
Peru
Calidda
$50,000,000
Junior & Senior Term Loans
Lender
March 2010
10
LONG-TERM COMPETITIVE FINANCINGONE STOP SHOP FOR FULL RANGE OF FINANCING INSTRUMENTS
› Subordinated loans
› Income participating loans
› Convertibles, preferred shares
› Private placement in listed equities
› Traditional private equity
› Asset level farm-ins
› Typically 5-20% shareholding
› Not just financial investor, adding to shareholder value
› Corporate loans - Reserve based lending, Straight corporate debt, Partial credit guarantees for bonds
› Long-term project finance - Greenfield, Expansion
› Mobilization of funds from other lenders and investors, through financings, syndications, underwritings and guarantees
EQUITY
MEZZANINE / QUASI EQUITY
SENIOR DEBT &
EQUIVALENTS
› Fixed and floating rates
› Local currencies
› Up to 20-year maturity
IFC’S ADDED VALUE IN THE OIL AND GAS SECTOR
11
Long-Term Competitive Financing
Regional Knowledge
Global Expertise
Country Risk Mitigation
Environmental & Social Risk Management
Advisory Services
• Equity
• Fixed & Floating Rates, Local Currencies
• Up to 20 Year Loan Maturity
• Catalyst for Other Investors and Lenders
• Capital Mobilization
• Extensive Local Office Network
• Local Transaction Experience
• World Bank Synergies
• 50+ Years of Sector Experience
• Greenfield
• Expansion / Modernization
• Corporate Strategy
• Access to International Investors
• Technical Advice
• Government Relations
• Reduced Risk of Expropriation, Breach of Contract, Convertibility
• World Bank Synergies
• Withholding Tax Benefit
• Advice on Environmental & Social Best Practices
• Equator Principles Modeled after IFC Standards
• Local Consultation & Disclosure
• Local Supplier Development
• Local Economic Development
• Community Development Funding
• Financial Valuation Tool
• Resource Efficiency
12
LONG-TERM COMPETITIVE FINANCING BEYOND IFC’S ACCOUNT
IFC AFRICAN, LATIN AMERICAN &
CARIBBEAN FUND
Co-invests with IFC in equity and equity-related investments across a range of sectors in Sub-Saharan Africa, Latin America, and the Caribbean
IFC GLOBAL INFRASTRUCTURE FUND
Co-invests with IFC in equity-related investments in the infrastructure sector in emerging markets
IFC ASSET MANAGEMENT COMPANY
SYNDICATED LOANS MANAGEMENT
Mobilizes funds through: (i) Syndicated "B" Loans, mainly through commercial banks, (ii)Coordinated and/or syndicated parallel loans, and (iii) A Loan Participations (ALPs)
IFC‘S SYNDICATED LOANS & MANAGEMENT DEPARTMENT
MANAGED CO-LENDING PORTFOLIO PROGRAM
Allows institutional investors, which provide capital on a portfolio basis, to passively participate in IFC’s future loan portfolio. Through its State Administration for Foreign Exchange, the People’s Bank of China has committed $3 billion in the next 6 years
SOVEREIGN WEALTH FUNDS / NATIONAL
INVESTMENT COMPANIES
IFC works closely with Temasek, a national investment company in Singapore, and other investment funds globally to mobilize additional capital for our clients
OTHER FINANCING PARTNERS
IFC Oil & Gas Investments in Turkey
IFC’S SIGNIFICANT COMITMENT TO TURKISH GROWTH
IFC’S OWN ACCOUNT COMMITMENTS IN
INFRASTRUCTURE AND NATURAL RESOURCES
IIFC’s investment volume in Turkey almost doubled in the last 5 years
14
TURKISH OIL AND GAS OPPORTUNITIES – PRESENT & FUTURE
15
•Extensive Oil & Gas pipeline network•Substantial domestic market and continued economic growth are driving the demand for hydrocarbons•Limited primary energy supply – high dependence on energy imports•Unparallel geographical position
The Present
•Continued expansion of the Oil & Gas infrastructure, primarily pipelines•Energy trading hub: tariff adjustments needed to attract Private Sector investments in Storage and LNG facilities•Significant parts of the country are underexplored for hydrocarbon potential.•Complex geology and shale potential require know how and services capable of executing advanced drilling and well completion techniques
The Potential
16
OIL AND GAS EXPERTISE
IFC HAS EXPERIENCE THROUGHOUT THE VALUE CHAIN
MIDSTREAMUPSTREAM DOWNSTREAM
EXPLORATION E&P PIPELINE LNG GAS DISTRIBUTION
Turkey
Transatlantic
$80,000,000
Reserve-Based Lending
Mandated Lead Arranger
May 2014
Azerbaijan, Georgia, Turkey
BTC Pipeline
$300,000,000
A/B Loan
2004
Turkey
IZGAZ
$51,000,000
Senior Term Loan
Lender
June 2009
Lender
Turkey & Romania
Toreador
$50,000,000
Revolving Credit Facility
Sole Lender
December 2006
Thank you!
Select IFC Oil & Gas Investments
19
2008 – First engagement with IFC. IFC provides Corporate Governance advice
2009 – Following the global financial crisis, IFC provides KEC the first ever Shariah compliant RBL and income participation facility
2010 – IFC’s participation in equity round as anchor investor allows KEC to raise US$100 million in midst of Arab Spring
2012 – IFC and Deutsche Bank’s US$165 million RBL for KEC wins Project Finance’s Middle East Upstream Deal of the Year
2014 – IFC continues to provide corporate governance advice ahead of potential IPO
KUWAIT ENERGYIFC’S TRUSTED BRAND ATTRACTS CAPITAL IN RISKY MARKETSKuwait Energy is the largest privately-owned E&P company in Kuwait with assets in Egypt, Yemen, Oman and Iraq
In 2009, IFC provided Kuwait Energy (KEC) with an innovative Sharia compliant US$50 million financing package at a time when commercial banks had limited liquidity. The package consisted of a US$35 million reserve-based loan and a US$15 million income participation loan. IFC also actively assisted KEC with corporate governance and environmental and social issues.
IFC’s ability to deliver results led KEC to seek IFC’s further partnership.
In 2010, KEC invited IFC to participate in a pre-IPO private placement as an anchor investor. KEC was expecting to raise US$50 million equity from IFC and an additional US$50 million from other investors. IFC’s participation was seen by potential new investors as key in demonstrating confidence in the company’s growth potential.
In 2012, following the Arab Spring and with limited appetite from international commercial banks for Middle Eastern risk, IFC again provided the company a US$165 million reserve based loan alongside Deutsche Bank.
Selected Key Investment Risks:
Commodity price risk: Following the sharp decline in oil prices in the second half of 2008, oil prices in 2009 experienced high volatility. Given that backdrop, uncertainty around the near-term behavior of oil prices led to investor discomfort, leading IFC to step in to fill the vacuum.
Country and political risk: Due to the volatility of the political regimes in some countries in which KEC operates, there is risk that a change in government may result in losing licenses issued by previous governments or the enactment of other obstacles of doing business. This was highlighted during the Arab Spring events. IFC continued to fund the company during these times.
Due to the risks above, among others, investors were relying on IFC participation to provide confidence and comfort in the company and the investment.
Summary of IFC Engagement with KEC: Net Production
4,630 boepd
12,798 boepd
9,364 boepd
15,018 boepd
24,921 boepd
First ever Shariah
compliant RBL
20
KOSMOS ENERGY AND THE JUBILEE OIL FIELDIFC STRUCTURES INNOVATIVE SOLUTIONS TO FIT CLIENT NEEDSKosmos Group is privately held and owns growing oil and gas exploration companies focused on West Africa. Kosmos is the partner with the second largest share in the Jubilee project.
In 2009, IFC provided Kosmos Energy with US$100 million loan as part of a US$750 million reserve-based lending facility. The proceeds of the RBL were used for the first phase of development of the Jubilee oil field, Ghana’s first oil production project.
IFC took on an important leadership role in negotiating and structuring the transaction. IFC was essential in converting the financing into a multi-tranche (bridge / senior / junior stand-by / junior overrun) facility that closely met the needs of the borrower.
Additionally, IFC made a key contribution to the investment, facilitating discussions with the Government of Ghana, allowing the company to obtain requisite consents to put the loan facility in place.
When Kosmos took on a second RBL, IFC was happy to continue its support of the company and the Jubilee project by participating in the new US$2.0 billion facility. This second IFC investment, a US$100 million senior loan in 2011, supported an expansion of the Jubilee field as well as the development of new fields in Ghana.
The Kosmos financing was awarded Deal of the Year 2009 by Project Finance Magazine and Project Finance International Magazine in the African Oil and gas category.
IFC further supported the Jubilee project, investing in the partner with the largest share in the field: Tullow Oil.
In 2009, Tullow raised a US$2.0 billion reserve-based lending facility to refinance outstanding commercial bank debt with the remaining proceeds going towards its portion of Phase 1 of the Jubilee project. IFC invested US$115 million in the facility.
IFC invested an additional US$50 million in 2011 when Tullow increased its RBL to US$3.5 billion to fund continued capital expenditure needs.
In 2012, Tullow refinanced its existing RBL facility, requesting IFC to refinance its US$165 million investment as both the company and the other investors valued IFC’s involvement.
21
GEOPARK LIMITED
IFC FORMS LONG-TERM PARTNERSHIPS WITH ITS CLIENTS
2006: Operations in Chile and Argentina. IFC first invests.
2008-9: Additional IFC investments. Quadrupled production and increased acres under license 500% in 2 years, adding over 3 million acres in Chile, via 2 new blocks.
2014: Through a series of acquisitions, now has operations in Chile, Brazil, Colombia, Argentina, and most recently Peru. Revenues have grown at ~180% CAGR since initial investment.
GeoPark is a growing Latin American oil and gas company with operations in Chile, Colombia, Brazil, Peru, and Argentina.
February 2006: IFC invested US$10 million in early-stage equity (pre-IPO) in GeoPark Limited, a junior independent exploration and production company with limited production focused on development of marginal oil and gas reserves in Argentina and Chile.
May 2006: GeoPark was listed on the AIM market of the London Stock Exchange.
December 2006: IFC disbursed a US$20 million loan to GeoPark. This capital was used to expand operations.
By year-end 2006, GeoPark had established itself as the first private oil and gas operator in Chile.
2008: IFC helped facilitate a gas pre-sale financing agreement for US$40 million with Methanex, a methanol producer in Chile. Methanex was looking to pre-order stable gas off-take, which enabled GeoPark to accelerate its Fell Block debt.
2008-9: IFC participated in 3 additional equity rights issues, the proceeds of which helped GeoPark to further expand operations.
2011: IFC acquired 12.5% working interest in the GeoPark-operated unincorporated joint venture in the Otway exploration block in Chile (has since been divested).
February 2014: GeoPark was listed on the New York Stock Exchange under ‘GPRK’.
Although GeoPark has now achieved financial independence, the company continues to seek IFC’s advice on topics ranging from expansion into challenging markets to how to devise a environmental and social action plan for maximum development impact. 2006 2009 2013
29.2 42.2
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2006 2009 2013
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GeoPark growth and development
2006 2009 2013
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22
Delonex Energy Limited WITH ITS KNOWLEDGE AND RESOURCES, IFC SUPPORTS ITS CLIENTS AT EVERY CRITICAL JUNCTUREDelonex Energy Limited is an early-stage E&P company that seeks to build a portfolio of East and Central African oil and gas assets. The portfolio will be built up through acquisitions, farm-ins, and direct awards from host governments.
In January 2013, IFC approved an equity investment of up to US$60 million in Delonex. IFC’s investment is part of a US$600 million equity line that will be disbursed as needed based on the company’s achievements.
As a start-up company, Delonex has no producing assets, and as such, needed to offer a unique investment product to raise capital at favorable terms. IFC played a key role in structuring such a product.
Rift Basins:Permo-Triassic (PT)CretaceousTertiaryAfrican – Indian Passive Margin Basins
In addition to helping structure a tailor-made product, IFC provides additional added value to Delonex as well.
Because Delonex is new E&P company in the frontier East and Central Africa region, IFC’s participation provides political risk mitigation comfort to the company to its investors. Delonex intends to enter countries including Ethiopia, South Sudan, Madagascar, Mozambique, Tanzania, Kenya, Uganda, and Chad. With IFC as its partner, Delonex is able to tap IFC’s knowledge of and experience in investing in these risky countries.
Additionally, a long-term partnership with IFC will provide support for Delonex’s future growth plans through additional equity and/or debt.
Delonex views IFC as a key resource in its efforts to implement robust environmental and social standards and corporate governance policies in its operations.
IFC Oil & Gas Track Record
SELECTED INVESTMENTS: LATIN AMERICA
Colombia
Pacific Midstream
$380,000,000 Equity Investment and
AMC MobilizationLead Equity Investor
Ongoing
Paraguay
President Energy
$24,000,000 Equity Investment
Investor
Colombia
Pacific Infrastructure
$150,000,000 Equity Investment
Investor (with AMC)
Colombia
PetroNova
$30,000,000 Equity Investment
Investor (with AMC)
Argentina
Medanito
$48,000,000 Equity Investment
Investor (with AMC)
Argentina
CAPSA
$60,000,000 Corporate Facility
Lender
December 2009
Peru
Maple Energy
$10,000,000 Equity Investment
Investor
Peru
Peru LNG
$300,000,000 Syndicated Project Financing
Lender
July 2007 June 2007
December 2013 December 2013 September 2012 July 2011
Peru
BPZ Energy
$75,900,000 Convertible Notes, Reserve-
Based Facility & Equity
Investor & Lender
2006 - 2009
Argentina
Pan American Energy
$550,000,000 Syndicated Corporate Loan
Mandated Lead Arranger
June 2007
24
Brazil
ConstellationOverseas
$103,000,000 Equity Investment
Investor
April 2010
Colombia
EXMAR LNG
$240,000,000 Syndicated Project
Financing
Mandated Lead Arranger
Ongoing
SELECTED INVESTMENTS: AFRICA
Nigeria
Seven Energy
$105,000,000 Equity Investment
Investor (with AMC)
April 2014
Gabon
VAALCO
$65,000,000 Reserve-Based Loan Facility
Lender
Africa Region
Delonex Energy
$60,000,000 Equity Investment
Investor
Cote d’Ivoire
Rialto Energy
$20,000,000 Equity Investment
Investor (with AMC)
Ghana
Kosmos Energy
$100,000,000 Senior Loan
Mandated Lead Arranger
Ghana
Tullow Oil
$165,000,000 Senior Loan
Mandated Lead Arranger
2009, 2011
Africa Region
Afren
$1,000,000 Equity Investment
Investor
Mozambique
ENH Mozambique
$18,500,000 Equity Investment
Investor
April 2005 February 2004
January 2014 November 2013 January 2012
2009, 2012
Gabon
VAALCO
$40,000,000 Revolving Credit Facility
Lender
January 2005
25
Nigeria
Seven Energy
$50,000,000 High Yield Bond
Investor
October 2014
SELECTED INVESTMENTS: EUROPE / MENA
Turkey
TransAtlantic
$80,000,000 Reserve-Based Lending
Mandated Lead Arranger
May 2014
Egypt, Algeria, Bulgaria
Petroceltic
$100,000,000 Senior Loan
Mandated Lead Arranger
Albania
Bankers Petroleum
$67,000,000 Senior Loan & Equity
Investor & Lender
Tunisia
Candax Energy
$10,000,000 Equity Investment
Investor & Lender
Kuwait
Kuwait Energy
$165,000,000 Senior Loan
Investor
2009, 2011, 2012
Egypt
Melrose Resources
$1,000,000 Seed Equity Investment
Investor
November 2006
April 2013 2009, 2012, 2013 January 2012
Tunisia
Topic
$40,000,000 Revolving Credit Facility
Investor & Lender
October 2008
26
SELECTED INVESTMENTS: ASIA
China
ENN Energy
$75,000,000 Senior Loan
Mandated Lead Arranger
2013
Thailand & Indonesia
Salamander Energy
$117,500,000 Senior Revolving Credit Facility &
Junior Term Loan
Lender
India
Cairn Energy
$271,000,000 Credit Facility & Equity Investment
Mandated Lead Arranger & Investor
Thailand & Indonesia
Salamander Farm-In
$25,000,000 Equity Investment
Investor
India
Punj Upstream
$30,000,000 Debt / Equity Financing
Investor & Lender
September 2008
2008, 2009, 2011 2007, 2009 January 2009
Vietnam
SOCO
$45,000,000 Credit Facility
Lender
September 2005
27
SELECTED INVESTMENTS: GAS / LNG
China
ENN Energy
$75,000,000 Senior Loan
Mandated Lead Arranger
2013
Dom. Republic
Linea Clave
$5,000,000 Junior Term Loan
Lender
Peru
Calidda
$50,000,000 Junior & Senior Term Loans
Lender
Turkey
IZGAZ
$51,000,000 Senior Term Loan
Lender
India
GSPC Gas
$15,000,000 Equity Investment
Investor
India
GSPL
$89,000,000 Equity Investment & Term Loan
Investor & Lender
October 2007
India
Petronet LNG
$150,000,000 Syndicated Corporate Loan
Lender
Romania
DistrigazSud
€49,000,000 Equity Investment
Investor
April 2007 February 2006
January 2010 March 2010 June 2009 September 2008
Peru
Peru LNG
$300,000,000 Syndicated Project Financing
Lender
January 2007
Colombia
Promigas
$50,000,000 Credit Facility
Lender
December 2005
28
29
BEST PRACTICE TOOLS IN E&S RISK MANAGEMENT
PERFORMANCE STANDARDS HELP TO IMPROVE THE BOTTOM LINE Ensure smooth and continuous operations
Maximize local development benefits fosters good neighborly relations
Raise project’s acceptance locally and with governments through good corporate citizenship
Optimize resource management (water, energy, etc.)
Create reliable and cost effective supply chains
Attract top talent both locally and internationally
Enhance company brand value to investors
IFC’S IN-HOUSE ENVIRONMENTAL AND SOCIAL SPECIALISTS ASSIST CLIENTS WITH:
Pollution prevention
Cleaner production
Socioeconomic / workplace / labor issues
Land acquisition / resettlement / compensation
Indigenous people
Biodiversity
Community development & consultation
Cultural property
Impact assessments
E&S management systems
Health & safety
HIV / AIDS
Gender empowerment
30
ADVISORY SERVICES
• Community investment strategies• Measuring the impact of community spending• Increasing participation of local businesses in supply chain• Business skills training for local entrepreneurs• Promoting female workforce• Helping local governments manage revenues (e.g. royalties) for economic
development
Local economic
development
• IFC works with the different governance priorities, including publicly listed companies, founder and family-owned firms, financial institutions, and newly privatized and state-owned enterprises
• IFC Corporate Governance experts advise clients on (i) defining shareholder rights, (ii) creating a solid control environment, (iii) ensuring high levels of transparency and disclosure, and (iv) setting up an empowered board of directors
Corporate governance
• Energy efficiency analysis to reduce water, energy and raw materials use• Water risk/footprint assessment
Resource efficiency
IFC relies on 50+ years of experience of working in developing countries to develop practical, sustainable business solutions for our clients
31
INTEGRATED FINANCING & SUSTAINABILITY EXPERTISE
FINANCING ADVISORY SERVICES
› Equity
› Quasi-equity
› Loans
› Capital markets access and mobilization
› Risk management
› Political risk cover
› Supplier development (linkages)
› Community Development
› Municipal Capacity Building
› World-class environmental and social advice
› Resettlement & Indigenous Peoples
› Access to Community Development Funding
IFC’S PACKAGE DEAL BRINGS TOGETHER WORLD-CLASS TALENT, A GLOBAL OUTLOOK AND A
SOCIAL/ENVIRONMENTAL MANDATE TO DELIVER SUSTAINABLE BUSINESS SOLUTIONS; IFC’S
TEAM INCLUDES FINANCIAL PROFESSIONALS, PETROLEUM ENGINEERS AND GAS SPECIALISTS,
ENVIRONMENTAL SPECIALISTS, DEVELOPMENT EXPERTS, AND COMMUNICATIONS SPECIALISTS
32
COUNTRY RISK MANAGEMENT CAPABILITIES
World Bank synergies
Reduced risk of breach of contract, convertibility
Withholding tax benefit
Strong government relations
Country Risk
Mitigation
Reduced risk of expropriation
GLOBAL OIL & GAS
Lance Crist Global Head Washington, DC +1 202 473 0773 [email protected]
Olivier Mussat Chief Investment Officer Washington, DC +1 202 458 0244 [email protected]
Haran Sivam Principal Investment Officer Washington, DC +1 202 473 1113 [email protected]
Knut Olsen Principal Engineer Washington, DC +1 202 458 1796 [email protected]
Didier Savary Principal Engineer Paris, France +1 202 580 8410 [email protected]
EUROPE / MENA / AFRICA
Ignacio de Calonje Principal Investment Officer London, UK +44 207 542 8400 [email protected]
Karsten Fuelster Senior Investment Officer Istanbul, Turkey +90 212 385 2550 [email protected]
LATIN AMERICA
Aldo Malpartida Senior Investment Officer Lima, Peru +51 1611 2568 [email protected]
ASIA
Michael Sheng Senior Investment Officer Washington, DC +1 202 473 3679 [email protected]
33
IFC OIL & GAS: GLOBAL COVERAGE