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NASSAU, BAHAMAS — The long-running fraud and contract dispute between BML Properties Ltd. and China Construction America Inc. (CCA) has concluded in a New...

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.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} SOURCE JAMAICA OBSERVER- DOUBLE Olympic champion Rai Benjamin of the United States says in spite of the rivalry...

.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} The National Oceanic and Atmospheric Administration (NOAA) issued their mid-season outlook Wednesday. The latest release from NOAA started...

US$520M spent by Govt. on Gas-to-Energy project since 2022 Aug 19, 2024 News …citizens, Parliament yet to see key documents for country’s most expensive investment Kaieteur News – The Government of Guyana (GoG) has invested a whopping US$520M on the controversial Wales Gas-to-Energy project, since 2022. Minister of Natural Resources, Vickram Bharrat This information was provided by the Ministry of Natural Resources upon request by Kaieteur News.  According to the ministry, the government spent $24.813B in 2022 followed by $43.3B in 2023. This year, government in the National Budget has set aside another $40B of local funding for the project. This means a total of $108,113,000,000 or US$520M (using Bank of Guyana’s exchange rate of 208) from the National Treasury has been budgeted to date for the project. The GoG had applied to the United States Export Import (US-EXIM) Bank for a US$646M loan to support the construction of the Natural Gas Liquids (NGL) plant and the 300-megawatt gas fired power plant, but the financing has not yet been approved. Vice President, Bharrat Jagdeo had made it clear that the project would not be delayed by lack of funding from the US Bank. He explained in October last year, “If there is need for, we can have bridge financing until that (loan) comes on stream and from what I gather, the loan can fund retroactive expenditure so if you have bridge financing then you can go back and clear it easily once the loan comes on stream.” Meanwhile, Minister of Natural Resources, Vickram Bharrat during his mid-year press conference last week indicated that the project is advancing. He noted, “Our application at the US EXIM Bank, I think we would have fulfilled almost all the requirements necessary and they have I think this month or next month the next quarterly meeting or something that our matter would go there so we are hoping that, from all indications that will be successful.” In addition to the two plants to be financed by government while the loan application remains pending, there is also an additional price tag attached to the land acquisition by the state for the pipeline and transmission and distribution costs of the electricity. ExxonMobil, the operator of the Stabroek Block is financing the pipeline aspect of the project, pegged at US$1B.  While the project has the potential to supply the nation with a cleaner, more reliable source of power, it has been subjected to criticisms, given its astronomical price tag, backed by no feasibility study. Government has also been reluctant to release agreements signed with Exxon for the project. It was reported that since 2022, the government signed a Heads of Agreement (HOA) with the Stabroek Co-ventures, ExxonMobil, Hess and CNOOC, that outlines the principles and conditions for the commercial and technical arrangements of the deal. Several attempts made by the Opposition in the National Assembly to access the agreements and key documents relative to the country’s single largest infrastructure project have been unsuccessful. In December 2022, Minister Bharrat told Parliament that the agreements could not be made public yet. He explained at that time, “There are other agreements on supply, buyer’s agreement, field development, licensing conditions, onshore works, and land matters that are currently being drafted. The respective agreements and policy documents will be presented to this Honourable House when they have been agreed upon and executed. All agreements are being done in a timely manner to meet the Final Investment Decision which will allow for the project to be completed by our committed deadline of December 2024.” Following that commitment however, the public almost two years later is still awaiting the release of those agreements. Related Similar Articles

AFC Govt. will enact laws to release key oil and gas documents – Patterson  Aug 19, 2024 News – to release policy on oil and gas soon Kaieteur News – The Alliance For Change (AFC) will soon be releasing the party’s policy on oil and gas, a carefully crafted document to ensure prudent management of the sector. AFC Chairman, David Patterson Chairman of the party, David Patterson recently revealed that the first of about 18 policies seek to ensure there is transparency and sharing of information with the public.  “We have 18 different policy statements and every week we will announce one. The first one is on transparency, accountability and access to information,” the former Minister of Public Infrastructure disclosed during an interview with Kaieteur News, on the sidelines of a Parliamentary Sitting. Patterson added, “There will be time limits and it would be inscribed in law, so under an Alliance For Change government, no reporter has to ask for these information – they will be made public…so no longer can any politician say that information cannot be made available to the public.” He highlighted that the Field Development Plans (FDPs) for the oil projects have not been released for the public to hold government and the operator of the Stabroek Block, ExxonMobil Guyana, to account on the exploitation of their oil resources. Additionally, the former Minister noted that the agreements for the Gas-to-Energy project are still to be laid in the National Assembly despite repeated commitments by the administration. These documents, according to Patterson, contain key information that ought to be shared with citizens. Kaieteur News understands that the AFC’s Oil and Gas policy will also feature the party’s stance on ring-fencing and waste water disposal, among several others. Patterson who was occupied with Parliamentary duties briefly committed that the first policy should be released on Friday. Ring-fencing in the petroleum industry is a financial term which means that each oil project should pay for itself. In Guyana’s case, politicians have not ring-fenced the projects in the Stabroek Block. In this manner, the revenue generated by the three projects that are currently producing oil are used to pay for other projects which are now being developed.  The lack of ring-fencing therefore shortens the profits available to be shared with Guyana. Each month, Exxon is allowed to deduct a whopping 75% of Guyana’s oil towards cost. The remaining 25% is split with the country as profits, with the country receiving an additional 2% as royalty – paid every quarter. Guyana has often been urged by international experts to ring-fence the projects to ensure the country enjoy the early benefits from the sector. The AFC previously voiced its support for the Stabroek Block projects to be ring-fenced, however its key Opposition partner, the People’s National Congress Reform (PNC/R) remains on the fence when it comes to a decision on the subject. Leader of the PNC/R, Aubrey Norton had said while there may be benefits to ring-fencing, his party would still need to assess each project individually to determine whether it would go that route. The two parties which previously collated and won the 2015 elections officially announced a split in January 2023, following varied positions on a number of issues. The two sides however agreed to remain cordial and engaged to tackle “PPP corruption”. Related Similar Articles