Daily Archives: 04/28/2022

ASSOCIATION: CIMBUX 31st Anniversary Souse Party – Latham. MD- July 2. 2022

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Greetings Everyone:

CIMBUX.INC welcomes you to a fresh start. The past 3 years were a stress test for all of us as a result of the COVID-19 pandemic.  Some of us have lost close relatives and friends.              Continue reading

GUYANA: IMF advises against development of national oil company

…tells Guyana to improve oil contract terms for higher profit instead

– Apr 26, 2022 Kaieteur News – By Zena Henry

The International Monetary Fund (IMF) has advised Guyana to secure a higher share of profit oil through its model Production Sharing Agreement, rather than actively participating in the task of petroleum development through a national oil company.

Another commentator opined that having a strategic investor in Guyana’s oil company would give that person or entity a permanent lien on all of Guyana’s oil resources. That means that the strategic investor would have the right to keep possession of property belonging to Guyana until it pays any potential debt that is owed. This is a recipe for cronyism and nepotism, it was suggested.In one of the institution’s 2019 documents providing technical support to the government, the Fund concluded that there is no strong business case to show that Guyana would receive more value from its oil endowments if it were to participate as a partner via a national oil company (NOC) in the development of the oil blocks.            Continue reading

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