admin

Oil companies fight over Stabroek Block stalled as arbitration panel not completed – Reuters Jun 22, 2024 News Guyana’s Stabroek Block Kaieteur News – A contract arbitration panel that could block or green-light the US$53 billion sale of Hess Corp to Chevron remains incomplete three months after the case was filed, stalling a decision on whether Exxon Mobil has a right of first refusal over Hess’ Guyana operations. The third and final arbitrator has not been appointed, according to people familiar with the matter. A delay could mean no decision this year as Hess has forecast. Uncertainty on whether the sale can proceed has pressured Chevron shares, which are down 7.8% since the deal was disclosed. Each side in the dispute appoints one arbitrator and those two nominate the third, according to the people. The International Chamber of Commerce (ICC), parent of the arbitration panel, did not reply to requests for comment on the timeline for appointing the third arbitrator or for deciding the case. Hess said “the arbitration is moving forward and we expect to have a decision by the end of 2024.” But lawyers who have been involved with international arbitrations say timing varies for such decisions. “The precise dynamics … will depend upon the rules of the arbitration,” said Chris Strong, a partner at Vinson & Elkins law firm and also vice-president for model contracts of the Association of International Energy Negotiators. Generally, he said, if two arbitrators “are unable to agree on a third arbitrator within a certain period of time, they can apply to the administering authority, if there is one”. “The market is hoping that there is a speedy settlement to the arbitration process, but has never understood properly what Exxon is trying to achieve,” said Mark Kelly, an analyst with financial firm MKP Advisors. “It is widely believed that Exxon has never communicated this to even Chevron or Hess.” Chevron originally hoped to close the Hess acquisition by the first half of this year. Hess shareholders last month backed the proposed sale by a slim, 51% majority. The U.S. Federal Trade Commission has yet to weigh in on any antitrust questions. The deal would give Chevron a 30% stake in a Guyana oil consortium that has found at least 11 billion barrels of oil and continues to plumb a 6.6 million-acre (26,800 sq km) block. The group has forecast output of 1.3 million barrels per day by 2027. Chevron, Exxon and Hess declined to estimate timing of an appointment to the panel, which will consider Exxon’s claim that Chevron is trying to circumvent its preemption right included in the Guyana oil consortium’s joint operating agreement (JOA). Exxon is the group’s majority owner with 45%, Hess has a 30% stake and CNOOC 25%. Chevron said Exxon’s right of first refusal does not apply to a sale of the entire Hess company. Exxon and Hess have declined to comment on the precise language of the JOA, a confidential document. In April, Hess said it wants the case heard by the third quarter and arbitration completed by year end. On May 9, Hess CEO John Hess asserted the final arbitrator would be appointed by May 17, according to proxy adviser Institutional Shareholder Services. Exxon CEO, Darren Woods has said he expected the dispute would slip into 2025. Exxon executives have been saying the arbitrators should consider the “intent” behind the JOA made with its original partner in Guyana, Shell PLC, which sold its stake before oil was discovered there in 2015. “We wrote the JOA, so we have a pretty clear line of sightness to the intent and the circumstances that apply,” CEO Woods said after first quarter earnings, on April 28. “That is the point of the arbitration.” The intent was key in a 2017 right of first refusal case in which Exxon was targeted in Canada by energy firm Northrock Resources, says Mohamed Amery, a partner at Canadian law firm Linmac LLP. Exxon ultimately won the right to sell those assets. “When the court looks at the interpretation of a clause within a contract, it doesn’t read it in its black and white, it looks to what the discussions were between the parties,” Avery said. Exxon said the JOA it made on the Guyana assets was based on an industry model but declined to specify which model. Most of the industry used the 2002 model from the Association of International Energy Negotiators as a base, with some altered provisions, said Strong. Different valuations of the Guyana asset could play a role if Exxon prices Hess Guyana stake above the US$53 billion offered by Chevron for Hess Corp. The parties declined to disclose their valuations. Generally speaking, the question of right of first refusal “hinges on the specific wording of the JOA and on the value of the asset in relation to the larger change of control transaction,” said Strong. Related Similar Articles

Woman walks in store to buy birthday outfit, walks out with stolen panties and fake nails Jun 22, 2024 News A screen grab from the CCTV footage showing the suspect stealing underwear from Anna’s Trendz Boutique & Toy Store Kaieteur News – A woman was caught on Closed Circuit Television (CCTV) footage on Thursday, posing as a customer who wanted to purchase a birthday outfit, but left the store with stolen underwear and a press on nails set from Anna’s Trendz Boutique & Toy Store located on Camp and D’Urban Streets. The woman is also accused of stealing $40,000 from T&H Boutique, located at Lot 3 Norton Street, Georgetown on the same day. During an interview with Kaieteur News, 33-year-old Anna Hamilton, the owner of Anna’s Trendz Boutique & Toy Store said she recently gave birth and has not been at her business for a few days but her step-son has been managing the store in her absence. According to the CCTV footage time stamp, the incident occurred at about 12:56hrs. Hamilton told Kaieteur News that the accused reportedly told her step-son that she wanted an outfit for her birthday. Following her request, he assisted her in finding one. “She came (and) she look for a dress on the mannequin and she did her best to distract him, (she) took a dress off the mannequin and handed it to him for him to bag it, as he was bagging it, she went around doing she own thing,” Hamilton said. Suspicions arose when Hamilton realized that her step-son dealt with the suspect for a while. As such, she reviewed her cameras which were placed at the center of the store, and saw that the woman stole a press on nails set, whilst she was exiting the boutique. As a result, Hamilton reviewed the footage for the duration of the period the woman was in the store. “I see she going around and then she pick up the hanger with the underwears and she put it in her bag.” The owner described the woman as a “professional thief”. “This young lady is a pro, she does look innocent and simple but she is a pro,” the business owner told Kaieteur News. Meanwhile, earlier on Thursday around 11:51hrs, the suspect also stole from T&H Boutique located at Lot 3 Norton Street, Georgetown. Tiffany (only name given), the owner of the T&H Boutique told this publication that the woman allegedly stole $38,000 from the store’s cash register, and $2000 from her hand bag that was on a chair behind the counter. Tiffany revealed that the suspect distracted her and a staff by indicating to them that she (suspect) wanted a birthday outfit. “I asked her if she had anything particular in mind and she said no, my staff then proceeded to show her all the birthday fits we had in (the) store (over 20 different fits) she said she didn’t like any,” Tiffany said, who even recommended two other boutiques. Tiffany said, “She (suspect) then claimed she wanted to purchase one of the fits she didn’t like and asked my staff to package it.” The owner then highlighted that the suspect distracted her by asking to see a jersey that was at the back of the store. “I got up and went to look for her size while my staff was at the counter packaging her item.” Tiffany then said, that the woman reportedly requested another item, which was at the center of the store. “As soon as she (the staff) went to get that item, she (suspect) quickly swiped the money from the draw,” Tiffany claimed. She also indicated that $2000 was taken from her bag. Tiffany told Kaieteur News that after the woman removed the items, she told the staff “I’m going to check around and come back if I don’t find anything else.” Tiffany said, “Immediately after she left, I noticed the draw was slightly open and when I checked, the money was gone.” The entrepreneur said that moments after that incident occurred, she saw a Facebook post about the suspect doing the same thing at Anna’s Trendz Boutique & Toy store. Tiffany has since filed a report at the Brickdam Police Station. Related Similar Articles

Mining Association concerned about hints of removal of concessions Jun 22, 2024 News Kaieteur News – The Guyana Gold and Diamond Miners Association (GGDMA) on Friday raised concerns about statements made by Vice President (VP) Bharrat Jagdeo relative to the removal of mining incentives. The Vice President told reporters at his last press conference that in a move to combat rampant gold smuggling, the government will be conducting a comprehensive legal overhaul of the system aimed at imposing stringent penalties on large-scale gold smugglers. He had expressed disappointment that despite all the incentives government implemented for the mining industry, smuggling is still rampant. “We have lowered the taxes so that they can have a better environment but still no compliance because the rewards of smuggling seem to be greater, the foregone tax revenue seems to be a big incentive,” Jagdeo said. He continued, “We have to take away that incentive now by putting a regime of penalties and sanctions if you get caught smuggling the large quantity of gold…I’m talking about these smugglers who have been smuggling at this magnitude,” Jagdeo said. The Vice President had made the statement while speaking on the sanctions imposed by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed on Guyanese billionaire Nazar Mohamed and his son Azruddin Mohamed for allege corruption – including gold smuggling and evading taxes. The OFAC sanctions were announced on June 11. However, in its statement, the Mining Association said, “The GGDMA notes with much consternation hints of the removal of certain incentives and concessions that the GGDMA has fought for on behalf of the industry. We urge the authorities not to give in to this knee jerk reaction and to “throw out the baby with the bathwater” as this would be unacceptable.” The Association said too that its position has always been anti-smuggling and welcomes this disclosure and the Government of Guyana’s commitment to pursue a full investigation into the matter and prosecute those involved. The body stated too that it has always urged members to sell only to licensed dealers or the Guyana Gold Board (GGB). It said that the gold mining industry has a long history in Guyana and has been a pillar for the economy long before oil was discovered, underscoring that miners have stood with Guyana and the industry has persevered through all the ups and downs of Guyana’s economic growth. To this end, the GGDMA urged the government not to use the recent disclosure by the United States as a “broad brush” to paint all miners as smugglers. “The majority of miners are not engaged in smuggling. They are in the business of mining and have worked hard for their place in society,” the body said.  Notably, the Mining Association said that there are smugglers in the midst of the industry, and vowed to continue to support the government to root them out. Notwithstanding, the GGDMA said, “The GGDMA notes with much consternation hints of the removal of certain incentives and concessions that the GGDMA has fought for on behalf of the industry. We urge the authorities not to give in to this knee jerk reaction and to “throw out the baby with the bathwater” as this would be unacceptable.” According to the OFAC, the Mohameds allegedly evaded tax on gold exports and defrauded the Guyanese government of tax revenues by under declaring their gold exports to Guyanese authorities. “Between 2019 and 2023, Mohamed’s Enterprise omitted more than 10 thousand kilograms of gold from import and export declarations and avoided paying more than US$50 million in duty taxes to the Government of Guyana,” the US Treasury alleged. Additionally, according to the GGDMA, there was a great fight to get concessions which have helped bolster the industry through the many tough times. “It would be grossly irresponsible to hold the actions of a few against the majority of miners,” GGDMA said. Moreover, the Association noted that due to the massive labour shortages at all levels in the sector, legitimate operators are also suffering from low production due to their inability to run as many operations. Consequently, it was stated that the total production of gold from the miners who are selling to legitimate channels has also been greatly diminished. “Benefits to these compliant organizations should not be taken away,” GGDMA added. To this end, the Association reiterated its call for the government to address frontally the issue of smuggling and to take the U.S. report as a launching pad to prosecute the bad actors in the industry. GGDMA also encouraged all miners to sell their gold to the GGB or to Licensed Gold Dealers. Miners were also reminded that they should ensure that proper documentation and a periodic statement of their transactions are received from the Licensed Gold Dealer to be presented to the GGB. It was underscored that the verification is important since it will ensure that gold is properly accounted for and that taxes are being correctly paid to the Government. Related Similar Articles

Trio remanded for possession of narcotics with intent to traffic Jun 22, 2024 Court Stories, Features / Columnists, News Yohan Sam at the Georgetown Magistrates’ Court Kaieteur News – Three men were remanded to prison after being jointly charged with the offence of Possession of Narcotics with the Purpose of Trafficking on Friday. The accused, identified as Yohan Sam, Lebon Lawson, and Junior James, appeared before Magistrate Faith McGusty at the Georgetown Magistrates’ Court #5 to answer the charge. According to the prosecution, on June 19 at around 09:00hrs on Princess Street and Cemetery Road, police intercepted a Toyota Raum vehicle that was traveling south. During a search of the vehicle, police found a bulky brown salt bag in the trunk, containing seven parcels wrapped in plastic. The content of the parcels were found to be leaves, stems, and seeds of cannabis, weighing 13,458 grams. Junior James at the Georgetown Magistrates’ Court The trio pleaded not guilty to the charge. Lawson and James were represented by Attorney-at-Law Pamela De Santos, while Sam was represented by another lawyer via Zoom. The lawyers requested reasonable bail for their clients, with Sam’s attorney arguing that the vehicle in which the cannabis was found did not belong to him and he was not the only passenger in the car, which was operating as a taxi, at the time. However, the prosecution objected to the bail application, due to the quantity of narcotics found in the vehicle, which the men were traveling in. Magistrate McGusty remanded the trio to prison. The men are scheduled to return to court on July 5. Related Similar Articles

Sales Assistant remanded for killing vagrant Jun 22, 2024 Court Stories, Features / Columnists, News Kaieteur News – A 33-year-old sales assistant was remanded to prison on Friday for the murder of a vagrant. Remanded: Anand Zaimoon The accused, Anand Zaimoon of Lot 16 Plantain Walk, Vreed-en-Hoop made his first court appearance at the Georgetown Magistrates’ Court before Acting Chief Magistrate Sherdel Isaacs-Marcus where the indictable charge was read to him. He was not required to plea. According to police, on the June 15 at Water Street, Georgetown Munilad Persaud, a vagrant who traversed the Stabroek Market area, was assaulted by Zaimoon. At about 18:30h, Persaud was approached by Zaimoon and asked about his brother. Zaimoon then gave Persaud $2300 and repeated the query about his brother. Persaud began hurling expletives at Zaimoon, provoking him. Zaimoon then picked up a wood and lashed Persaud to his left side stomach. Persaud was picked up by a public-spirited citizen and taken to the Georgetown Public Hospital Corporation (GPHC) where he was pronounced dead on arrival. An investigation was conducted and the accused was arrested and brought before the court. On Friday, the prosecutor told the court that the investigation of the matter was complete and comprehensive. The matter was adjourned to July 23, 2024 for disclosures. Meanwhile, Kaieteur News had reported in its June 17 publication reported that Zaimoon was searching for his brother. However, it was clarified on Friday that he was in search of Persaud’s brother. Persaud and his brother were both vagrants. Related Similar Articles

Teacher released on bail for alleged drug trafficking Jun 22, 2024 Court Stories, Features / Columnists, News Kaieteur News – A teacher charged with drug trafficking and remanded to prison was released on Friday on $300,000 bail after her attorney Bernard Da Silva argued that the prosecution failed to complete its case file and has given no certainty when it will be completed. Pysiffia Boodram Friday’s court appearance was the second for the defendant, Pysiffia Boodram, a mother of two. Boodram appeared before Senior Magistrate Daly at the Georgetown Magistrates Court. She is expected to return to court on July 5, for report and disclosure. The teacher was initially remanded to prison on Friday, May 31, despite her lawyer’s request for bail. At that time, he had argued that Boodram has two children aged 6 months and one year and is not a flight risk. Police said that Boodram was arrested on May 29 after it was discovered that narcotics was stored in a bedroom on the upper floor of her home. She was asked to unlock the door and the room was searched. During the search, police found 11 transparent Ziploc bags containing a quantity of leaves, seeds, and stems suspected to be cannabis amounting to 3015 grams and Boodram was arrested. Related Similar Articles

New mammogram machines to arrive next month – Health Minister Jun 22, 2024 News Kaieteur News – Minister of Health, Dr. Frank Anthony on Friday announced that four mammogram machines are expected to arrive in Guyana in July. The machines are aimed at boosting the ministry’s ability to provide adequate resources to screen for breast cancer. The minister made the announcement during the launch of the cervical cancer screening programme which was held at the Arthur Chung Conference Centre (ACCC). “So in women, cervical cancer is the number two, but breast cancer is number one. And again, we have to make sure that there is affordable mammograms. And so in July of this year, in collaboration with the International Atomic Energy Agency, they’re donating to us four mammogram machines,” the minister disclosed. When arrived, he noted that these machines would be installed at four hospitals, namely the West Demerara Regional Hospital, Linden Hospital Complex, the New Amsterdam Hospital and the Lethem Hospital. “The machines are on the way to Guyana and once we get them, we’ll install them. One of the things that we have decided in the government is that we want to have good quality equipment. And so we have been converting our X rays (machines) and so forth and to well-known establish leaders in these fields like Siemens and GE and Philips and for these mammograms, all of them are made by Siemens, which would be the highest quality or among the highest quality of equipment that you can have,” Dr. Anthony asserted. When installed, the minister said that the ministry would be updating the public as to age group and how persons can get screened. Last September, the Health Minister said that the only public institution offering mammography is the Georgetown Public Hospital Corporation (GPHC). He was at the time speaking at a ‘GTT Pinktober’ event. Related Similar Articles