Alumnus offers $500,000 as venture capital for AIM grads

An alumnus of the Asian Institute of Management (AIM) has pledged up to $500,000 (approximately P27.5 million) as venture capital for promising AIM graduates.

Robert V. Chandran, founder and chief executive officer of Chemoil Corp. of the USA, will invest $100,000 annually for the next five years for promising graduates of the institute’s W. SyCip Graduate School of Business.

The Robert V. Chandran Venture Capital Award was launched last week in brief ceremonies at the AIM campus. The award was launched by Chandran, AIM president Roberto de Ocampo, AIM dean Victoria Licuanan, and AIM associate dean Ricardo Lim.

The Chemoil chief executive said the pledge was his way of giving back to his alma mater, which has helped him become successful over the years. It helps somewhat that he is also married to a Filipina.

The first award will be given in March 2006 when the current batch of MBA students’ venture proposals are presented and judged. The award will be managed by Andorra Ventures, an Angel Investment and Venture Capital company put up by Chandran in the Philippines.

Chandran obtained his MBA from AIM in 1974 and has been a governor of the school since 1994. To boost AIM’s global positioning and encourage the success of the institute’s graduates, Chandran decided to invest in start-up entrepreneurial ventures of promising MBA graduates to give them better chances of success at business.

Chemoil Corp. is the largest supplier of marine bunker fuels in the Americas accounting for approximately 20 percent of all bunkers delivered in the United States, and an estimated five percent of all bunkers worldwide.

The company has physical operations in the largest bunkering ports in the United States. In 1998, it expanded operations to Rotterdam and Antwerp in partnership with Allround Fuel Trading.

The following year, Chemoil entered the Singapore market by establishing Chemoil-ITC. This was followed by the opening of Chemoil Latin America in Panama in 2003 and in Colombia in 2005. In all these ports, Chemoil either owns or controls terminals, storage and barging facilities, allowing for full integration in each market.

Chemoil was established by Chandran in 1981. It grew from tradering of bunker fuels to a major player in the worldwide fuel oil markets with diversified interests in both terminals and shipping.

In fact, Chemoil is just part of a worldwide group of affiliated companies that include Chemoil-ITC, AFT-Chemoil, Chemoil Latin America, Berkshire Energy, Andorra Shipping, and Galaxy Energy, with a total turnover of approximately $6 billion.