Latest update July 2nd, 2026 12:35 AM
Latest News
- Hess, CNOOC made no investment in Stabroek Block for two years – financials
- Guyana stands firm on joint Corentyne Bridge despite Suriname’s solo funding claim
- Six new judges sworn in
- U.S., Iran talks conclude in Doha, focused on Strait
- Cuban national killed in Demerara River Bridge 3-vehicle smash-up
VP tells oil companies to rent, not purchase local properties
VP Dr. Bharrat Jagdeo
Kaieteur News – Instead of purchasing Guyanese property, Vice President (VP), Dr. Bharrat Jagdeo, wants oil companies operating in Guyana to rent them.
During yesterday’s Draft Local Content Policy Consultation at the Arthur Chung Convention Centre (ACCC), Dr. Jagdeo specifically told President of ExxonMobil Guyana ,“We want you to rent from Guyanese, not build a headquarter. That’s the sort of thing that we are more concerned about.”
At the time, the VP was referring to the 10 acres of land at Ogle that ExxonMobil purchased to construct their headquarters, during the leadership of the A Partnership for National Unity + Alliance For Change (APNU+AFC) administration.
What is notable, however, is that Exxon would be able to recover every cent of that money if it chooses to rent property. This is according to the Guyana-ExxonMobil Production Sharing Agreement (PSA) under the section which speaks to costs recoverable without further approval of the Minister.
That section of the agreement says in verbatim that the oil company can, “Recover all rentals, charges, levies, fees, taxes, and any other assessments and charges levied by the government in connection with the petroleum operations and paid directly by the contractor.”
Also recoverable by ExxonMobil is the money that they hand over to the government for environmental projects.
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
