In the previous column, I noted several positive features of the Natural Resource Fund (NRF) Act of 2021. I also outlined several potential downsides such as the possibility for employing unnecessary financial consulting in the face of a legally-mandated passive investment strategy, the power relations between the officers of the Fund and government given the…
The three major political parties – People’s Progressive Party Civic (PPP/C), People’s National Congress Reform (PNCR), and Alliance for Change (AFC) – are united in the sellout of Guyana’s oil and gas resources to oil giants and their beneficiaries.Many of their leaders are complicit and/or compromised. So says anti-corruption advocate, Nigel Hinds.In an exclusive Op-Ed…
I was outraged when I read the Department of Public Information (DPI) release that the “Gas-to-Energy project, when constructed and operationalised will significantly reduce the emission of harmful gases into the atmosphere, thereby improving Guyana’s status as a good environmental steward.” As a former Chemistry teacher of long standing I cannot remain silent in the…
Kaieteur News – The Attorney General (AG), Anil Nandlall S.C last week issued a cautionary statement to Guyanese critical of the oil sector, as he claimed these were being used by the Venezuelan government to bolster its outrageous claims over Guyana’s sovereign territory. His remarks were met with widespread condemnation and continue to be disarmed by…
Utilizing data reported by the International Monetary Fund (IMF), the Bank of Guyana (BoG) and Kaieteur News (KN), I will show that EEPGL has already recouped their investment; that they are earning significant profits; and that Guyana’s share will remain at meager levels for our non-renewal resource, unless the PSA is renegotiated. According to the…
The fact that Guyana will begin to reap benefits from royalties and profit from oil only after ExxonMobil beings production is reason enough to ensure that a production timeline is in the Production Sharing Agreement (PSA) that the country signed with ExxonMobil. This was noted recently by Chartered Accountant, Nigel Hinds. Hinds said that with…
Articles by Dr. Tarron Khemraj appearing on his business page in SN 2023/09/24 and SN 2023/09/10 require some comments, since the use of ‘Balances from Abroad’ imply that Commercial Banks have readily available sources of foreign exchange that are liquid balances and can be deployed to make good any foreign exchange ‘shortage’ affecting the Private…
In a nationwide public opinion tracking poll conducted in late October by the North American Caribbean Teachers Association, the nation almost unanimously rejects the low royalty rate (of between zero and two percent), sweeties or handouts given to oil companies, and profit sharing agreement of the government with multinational Exxon/Mobile and other oil companies. People…
The Laws of Guyana Corporation Tax Act imposes a 40% corporation tax on chargeable profits for commercial companies and 25% for non-commercial companies. The law defines commercial activity as “an activity carried out by a company trading in goods not manufactured by it” and non-commercial activity would be anything not covered in this definition. One…
