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Exxon’s Gas Project in Papua New Guinea has been described as a parasite
An Australian advocacy body has said that the country would have been better off without ExxonMobil’s Gas project in Papua New Guinea {PNP}.
It turns out that the project bears similarities to Guyana’s situation.
The PNG Government kept the Gas contract a secret. So did Guyana.
The PNG Government gave Exxon a range of tax concessions in a very generous fiscal agreement. So did Guyana.
Exxon uses subsidiaries in PNG to get more revenue. Exxon does the same in Guyana to recover interest on loans.
The PNG Govt and people were extremely optimistic. It is said that Guyana will be the Dubai of the Caribbean, but the country will get less from oil this year than gold exports earned it last year.
Will Exxon’s project in Guyana become a parasite too?
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