Tag Archives: former President Donald Ramotar

GUYANA: OIL BLOCKS: Harmon says Coalition dependent on KN’s information to take action

— on Kaieteur/Canje oil blocks giveaway

Despite such shocking revelations being put into the public domain, leader of the APNU+AFC Opposition, Joseph Harmon, yesterday declared that the coalition is “awaiting more information” before any action is taken in the National Assembly to hold those responsible parties accountable.      Continue reading

GUYANA; OIL BLOCKS: Legalizing stolen state assets – Commentary

Cunning politicians use crooked middlemen to hold, receive or transfer stolen state assets. For example, politicians would have some of their shady friends establish shell companies, information about which the public cannot access. These companies would then be handed oil blocks or given other state assets.

In the past, bribes were paid into politicians’ secret bank accounts or that of their relatives. With stricter anti-money laundering and transparency laws, these bribes are now easily detectable. Corrupt politicians therefore have devised more elaborate schemes to legalize the proceeds of corrupt dealings.  Continue reading

Guyana likely forfeited US$100 million to a Billion in signing bonuses – Dr. Mangal

….  Signing bonuses for the Kaieteur, Canje blocks–Dr. Jan Mangal

Dr. Jan Mangal

A government can obtain revenue from its country’s oil sector using several elements. One of these is a signature bonus. As the name implies, operators provide the State with a one-time payment for the privilege of being granted a licence to explore its territory for oil.

Many countries across the world employ this mechanism. In Brazil, the government was able to get US$2.4B from companies that wanted to explore its waters for oil. The same goes for CARICOM member, Trinidad and Tobago, which was able to get a US$100M signing bonus from interested operators.

But when former President, Donald Ramotar, signed away Guyana’s Canje and Kaieteur Blocks to three inexperienced oil companies days before the 2015 General and Regional Elections, no signing bonus was secured.    Continue reading

Ramotar fails to explain giveaway of oil blocks to unknown companies

Kaieteur News – 01 June 2019- By Kiana Wilburg

In a three-page statement to the media yesterday, Former President Donald Ramotar took time to pronounce on the application and approval process that was followed when he signed away two key oil blocks just days before the 2015 General and Regional Elections.

Former President Donald Ramotar

But the multibillion-dollar question Ramotar avoided answering was why he signed away oil blocks in very deep waters to firms which do not have experience in deepwater exploration. The Canje Block was awarded to Mid-Atlantic while the Kaieteur Block was awarded to Ratio Energy. Continue reading

Ramotar defends CGX Energy oil contract he signed; says all contracts should be renegotiated

ex-President Donald Ramotar

Former President, Donald Ramotar on Sunday defended his decision to sign a zero royalty agreement with CGX Energy that also contains provisions that mirror those in the controversial ExxonMobil agreement inked by the David Granger-led administration.

However Ramotar, who was President from 2011 to 2015, said he inked the agreement with CGX because of the need to attract oil and gas investors to a country that had for  decades failed to find crude oil in commercial quantities.    Continue reading

Guyana, India ready to sign US$50 million road construction deal

Guyana, India ready to sign US$50 million road construction deal

President David Granger and the Prime Minister of India, Narendra Modi meeting in New York in September, 2015.

President David Granger and the Prime Minister of India, Narendra Modi meeting in New York in September, 2015.

Guyana and India are set to sign a US$50 million agreement to expand the road network in East Demerara. The Finance Minister, Winston Jordan is  on Wednesday (March 16, 2016), expected to sign an agreement with EximBank of India for the construction of a road to link the East Coast and East Bank Demerara, according to the Finance Ministry.   Continue reading