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Forensic Audit finds…GEA offers no reason for granting Chinese oil export licence

Mar 27, 2016 News

Forensic auditors were to some extent, baffled when they learnt that the Guyana Energy Agency (GEA) granted a Chinese firm a licence to export oil.
The logic behind the issuing of the licence is yet to be understood given that Guyana is some years away from exporting oil at profitable quantities.
In an audit report prepared by a team from Nigel Hinds Financial Services, it was noted that GEA issued the said licence to China Zhonghao Inc.
What also worried the forensic auditors is that the import licence for the said company carries an expiry date of January 19, 2025.
The auditors emphasized that the basis for the issue of export fuel could not be determined. It seems that the licence for China Zhonghao will be the first, even surprising insiders of the Guyana Energy Agency who said that they are not aware of any being granted before.
The regulations indicated that an applicant desirous of exporting petroleum and petroleum products has to apply to the agency and must lodge supporting documents.
These documents are the same as for wholesale or import wholesale licences.
The applicants must provide specifications of the petroleum and petroleum products to be exported and a list of all ports of exit or export for the petroleum and petroleum products to be exported.
The forensic audit report prepared by Nigel Hinds did not confirm whether the company indeed satisfied all the necessary requirements.

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